Kirkland, Polsinelli Rep Akorn In $640M Hi-Tech Pharma Buy

Law360, New York (August 27, 2013, 12:48 PM EDT) -- Akorn Inc. said on Tuesday that it will buy Long Island, N.Y.-based Hi-Tech Pharmacal Co. Inc. for $640 million, a move that the niche pharmaceutical company hopes will bolster its hold on the generic eye medication market and broaden its offerings with hard-to-make over-the-counter and prescription drugs.

The deal values Hi-Tech shares at $43.50 a pop, a 23.5 percent premium on Thursday's closing price. Akorn plans to fund the acquisition with $600 million in loan borrowings and cash assumed from Hi-Tech — as of April 30,...
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