A PYMNTS Company

US: Pharmaceutical cos ink $640 buyout deal

By  |  August 31, 2013

Hi-Tech Pharmaceutical Co. announced Friday plans to be acquired by competitor Akorn, Inc. in a deal worth $640 million.

According to a press release, the combined company anticipates about $500 million in annual revenue.

In a statement, Akorn CEO Raj Rai described the deal as “a transformative event” for the company. Both companies operate their particular specialties within the pharmaceutical industry.

The dealremains subject to approval by antitrust regulators.

Full Content: Pharma Live

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.