Akorn jettisons products in Hi-Tech deal

|By:, SA News Editor

Actavis (ACT) buys four currently-marketed products from Akorn (AKRX) and one more under development for cash. The transaction is contingent on the consummation of Akorn's acquisition of Hi-Tech Pharmacal (HITK).

The products on the market are: Ciprofloxacin Hydrochloride Ophthalmic Solution, Levofloxacin Ophthalmic Solution, Lidocaine Hydrochloride Jelly and Lidocaine/Prilocaine Topical Cream.

The FTC stipulated that Akorn divest the products as a condition of its approval of the Hi-Tech transaction.

Financial terms are not disclosed.