Akorn completes acquisition of Hi-Tech Pharmacal

LAKE FOREST, Ill. — Akorn on Thursday announced that it has completed its previously announced acquisition of Hi-Tech Pharmacal for $640 million in cash. The combination of Akorn and Hi-Tech will transform the company into a larger, more diversified generic player, the company stated. This combination also brings critical mass and scale to Akorn’s business and strengthens the company’s position with retail and institutional customers.

In addition, the acquisition expands manufacturing capabilities into additional niche dosage forms including nasal sprays, topical gels, creams, ointments and oral liquids, Akorn noted, and it provides additional breadth in the retail OTC market. 

“We welcome our new colleagues from the Hi-Tech team and look forward to collaborating with them on the future direction of our company," stated Raj Rai, Akorn CEO. "Our priority now turns to executing on our integration plan."