Akorn gets U.S. approval to buy Hi-Tech Pharmacal, with conditions

WASHINGTON, April 14 Mon Apr 14, 2014 5:35pm EDT

WASHINGTON, April 14 (Reuters) - Generic drugmaker Akorn Enterprises Inc has won U.S. antitrust approval to buy rival Hi-Tech Pharmacal Inc on condition that it sell three generic prescription eye medications and two generic topical anesthetics, the Federal Trade Commission said on Monday.

The deal, which is valued at $640 million, will allow Akorn to expand its eye drug portfolio to oral liquids and ointments.

The divested assets will be sold to Watson Laboratories, the FTC said. (Reporting by Diane Bartz; Editing by Sandra Maler)

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