Eye drug firm Akorn to buy rival Hi-Tech Pharmacal for $640 mln

Tue Aug 27, 2013 7:18am EDT

Aug 27 (Reuters) - Specialty pharmaceutical company Akorn Inc will buy rival Hi-Tech Pharmacal Co Inc for $640 million in cash to expand its eye drug portfolio to other dosage forms such as oral liquids, topical creams and ointments.

Akorn will pay $43.50 per Hi-Tech share, representing a premium of 23.5 percent to Hi-Tech's last close.

The deal will make Akorn the third-largest U.S. generic ophthalmic player and will significantly increase its retail presence in both prescription and over-the-counter products, the companies said in a statement.