M&A Deal Summary

Akorn Acquires Hi-Tech Pharmacal

On August 27, 2013, Akorn acquired medical products company Hi-Tech Pharmacal for 640M USD

Acquisition Highlights
  • This is Akorn’s 1st transaction in the Medical Products sector.
  • This is Akorn’s largest (disclosed) transaction.
  • This is Akorn’s 3rd transaction in the United States.
  • This is Akorn’s 1st transaction in New York.

M&A Deal Summary
Date 2013-08-27
Target Hi-Tech Pharmacal
Sector Medical Products
Buyer(s) Akorn
Deal Type Add-on Acquisition
Deal Value 640M USD
Advisor(s) Nomura Holdings, Inc. (Financial)
Tashlik Goldwyn Levy
ArentFox Schiff LLP (Legal)

Target

Hi-Tech Pharmacal

Amityville, New York, United States
Hi-Tech is a specialty pharmaceutical company developing, manufacturing and marketing generic and branded prescription and over-the-counter (OTC) products. Hi-Tech specializes in difficult to manufacture liquid and semi-solid dosage forms and produces and markets a range of oral solutions and suspensions, as well as topical ointments and creams, nasal sprays, otics, sterile ophthalmics and sterile ointment and gels products.

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Buyer(S) 1

Buyer

Akorn

Lake Forest, Illinois, United States

website

Category Company
Founded 1971
Sector Life Science
Employees1,972
Revenue 1.1B USD (2016)
DESCRIPTION

Akorn, Inc. is a niche generic pharmaceutical company engaged in the development, manufacture and marketing of multi-source and branded pharmaceutical products in the areas of ophthalmology, antidotes, anti-infectives, and controlled substances for pain management and anesthesia in the United States and across the globe. Akorn, Inc. was founded in 1971 and is based in Lake Forest, Illinois.

DEAL STATS #
Overall 3 of 5
Sector (Medical Products) 1 of 2
Type (Add-on Acquisition) 3 of 4
State (New York) 1 of 1
Country (United States) 3 of 5
Year (2013) 1 of 1
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-03-05 Advanced Vision Research

Woburn, Massachusetts, United States

Advanced Vision Research, Inc. (“AVR”), a ophthalmic company that develops and markets eye care products under the TheraTears® and MacuTrition ® brand names. These products are used for dry eyes, eyelid hygiene, contact lens comfort and eye nutrition.

Buy $26M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-17 Akorn - 4 New Drug Applications

United States

Akorn - 4 New Drug Applications includes Ciprofloxacin Hydrochloride Ophthalmic Solution, Levofloxacin Ophthalmic Solution and Lidocaine Hydrochloride Jelly and one product marketed under a New Drug Application: Lidocaine/Prilocaine Topical Cream.

Sell -
Mergr

Product

Company

Legal