- Akorn (AKRX) has agreed to pay $640M to acquire Hi-Tech Pharmacal (HITK), which specializes in difficult-to-manufacture liquid and semi-solid dosage forms of drugs.
- The offer of $43.50 a share represents a premium of 23.5% to Hi-Tech's closing price of $35.21 yesterday.
- The combined company is expected to generate annual revenues of over $500M, with the deal expected to add to Akorn's adjusted EPS immediately after closing. The company expects to achieve $15-20M in annual run-rate synergies within 12 months after that.
- Hi-Tech provides oral solutions and suspensions, topical ointments and creams, nasal sprays, otics, sterile ophthalmics, and sterile ointment and gels.
- Hi-Tech's shares are suspended until 7:30 ET, while those of Akorn are +0.7%. (PR)
From other sites
at Zacks.com (Mar 18, 2015)
at CNBC.com (Mar 4, 2015)
at MarketWatch.com (Mar 4, 2015)
at Investor's Business Daily (Feb 28, 2015)
at Investor's Business Daily (Feb 27, 2015)
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