Actavis to purchase four marketed products from Akorn and Hi-Tech Pharmacal Actavis (ACT) announced that it has entered into agreements with Akorn (Akrx) and Hi-Tech Pharmacal (HITK) to purchase four currently marketed products and one product under development for cash consideration. The closing of the purchase agreements are contingent upon the consummation of Akorn's acquisition of Hi-Tech. Financial terms of the agreements were not disclosed. The agreements include three products marketed under Abbreviated New Drug Applications and one product marketed under a New Drug Application: Lidocaine/Prilocaine Topical Cream. The agreements also include one product under development.
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 gets FTC clearance for Hi-Tech Pharmacal deal Akorn (AKRX) announced that the U.S. FTC has voted to approve Akornís acquisition of Hi-Tech Pharmacal (HITK). The unanimous vote in support of the transactions follows Akornís agreement to a proposed consent order requiring divestiture of certain products as a condition to obtaining FTC approval. The parties have now obtained all regulatory approvals required to consummate the acquisition, and intend to close by the end of this week.