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Akorn Agrees To Acquire Hi-Tech Pharmacal

By Warren Paige

Generic drugmaker, Akorn Inc. (NASDAQ: AKRX) has agreed to acquire its smaller rival Hi-Tech Pharmacal Co. (NASDAQ: HITK) in deal valued at $640 million. The acquisition will allow Akorn to gain traction in the eye-care drug market by expanding its portfolio, which includes ointments and oral liquids. According to the terms of the deal, Akorn will pay $43.50 for each share held in Hi-Tech, which implies a premium of 23.5% to Hi-Tech’s closing stock price on Monday. The deal, which is all-cash, makes Akorn as the third largest U.S. generic ophthalmic player. The acquisition will considerably increase over-the-counter and prescribed drug sales, the company said in a statement.

August 27th, 2013 | Tags: , | Category: Large Cap Growth Stocks

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All stories in DailyStocks.com are for informational purposes only. This is NOT a stock recommendation. This DailyStocks.com story is a daily light analysis featuring a stock with insider buying. With some caveats, insiders purchase a stock because they think the stock is going up. There are other factors to consider such as size of the transaction relative to their compensation and net worth. Sometimes, insiders might be propping a stock price up for future financing. Sometimes, the amount of insider buying are misread or misreported. Each month, DailyStocks releases a a summary of the stocks with insider buying. Sign up for the free monthly newsletter at DailyStocks.com . About Dailystocks.com: DailyStocks.com is the place where you can find stories about stocks with insider buying, where you can educate yourself about stock market investing, and where you can perform the stock search engine analysis – you enter a stock symbol, and you get a resulting page of stock ticker indexed links so that you do not have to type the stock symbol each time.