Akorn completes acquisition of Hi-Tech Pharmacal for $640M in cash Akorn (AKRX) announced that it has completed its previously announced acquisition of Hi-Tech Pharmacal (HITK) for $640M in cash. The combination of Akorn and Hi-Tech will transform the company into a larger, more diversified generic player.
Akorn initiated with Outperform, $50 target at William Blair William Blair started shares of Akorn with an Outperform rating and $50 price target. The firm says the maker of ophthalmic and hospital-based injectable therapies is one of the fastest-growing companies in the specialty pharmaceuticals sector. William Blair thinks consolidation will likely continue within the specialty/generics market and feels Akorn represents an attractive asset. The stock closed yesterday up 38c to $39.75.