Akorn Inc. on Thursday completed its $640 million purchase of Hi-Tech Pharmacal Co. Inc.
Lake Forest-based Akorn makes generic and branded drugs, nasal sprays and ointments. Akorn expects the deal for Hi-Tech Pharmacal will diversify its product lines and make it more competitive to supply retail and institutional customers.
”We are excited to announce that we have completed the acquisition of Hi‐Tech, our largest acquisition
to date,” said Raj Rai, chief executive officer of Akorn. “This transformative acquisition diversifies our
revenue base and strengthens our capabilities in both manufacturing and R&D.”
Akorn has manufacturing facilities in downstate Decatur; Somerset, N.J.; Amityville, N.Y.; and Paonta Sahib, India.
