According to Akorn, this acquisition will boost the company to transform into a larger, more diversified generic player. The acquisition will also bring critical mass and scale to Akorn’s business and strengthens the company’s position with retail and institutional customers, Akorn claims.
Through the acquisition, Akorn will diversify its revenue base and strengthen its capabilities in both manufacturing and R&D.
This acquisition will enable Akorn to expand manufacturing capabilities into additional niche dosage forms including nasal sprays, topical gels, creams, ointments, and oral liquids. In addition, this acquisition will provide additional breadth in retail OTC market.
Akorn CEO Raj Rai noted that the company is excited to have completed the acquisition of Hi-Tech, Akorn’s largest acquisition to date.
"We welcome our new colleagues from the Hi-Tech team and look forward to collaborating with them on the future direction of our company. Our priority now turns to executing on our integration plan. We expect that the acquisition will be immediately accretive to non-GAAP earnings," Rai added.