Akorn has completed its acquisition of Hi-Tech Pharmacal for $640 million in cash, according to a news release from Akorn.
The acquisition is expected to diversify Akorn’s revenue base and augment its research and development pipeline, the release said.
“We are excited to announce that we have completed the acquisition of Hi-Tech, our largest acquisition to date,” Raj Rai, CEO of Akorn, said in the release. “We welcome our new colleagues from the Hi-Tech team and look forward to collaborating with them on the future direction of our company. Our priority now turns to executing on our integration plan. We expect that the acquisition will be immediately accretive to non-GAAP earnings.”
In a related development, Actavis entered into agreements with Akorn and Hi-Tech to purchase four existing products and one product in development. The agreements hinged on the completion of Akorn’s acquisition of Hi-Tech, according to a news release from Actavis. Financial details of the agreements were not released.
The four currently marketed products are ciprofloxacin hydrochloride ophthalmic solution, levofloxacin ophthalmic solution, lidocaine hydrochloride jelly and lidocaine/prilocaine topical cream.