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news.Hi-Tech Pharmacal has acquired Midlothian Laboratories for $5 million in an all-cash transaction. Additionally, Hi-Tech will pay $0.9 million for inventory and potentially up to $1 million in performance incentives tied to future Midlothian product sales, and the approval of an ANDA.
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Under the terms of the acquisition Hi-Tech receives rights to Midlothian’s current product line, consisting of prescription nutritional supplements including pre-natal vitamins and several cough and cold formulations, and future ANDA and non-ANDA products that are in development.
David Seltzer, president and CEO of Hi-Tech Pharmacal, said: “This acquisition expands Hi-Tech’s product line, broadens our dosage form offerings, brings us into new therapeutic categories, adds to the company’s growing pipeline of products and brings experienced management.”