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news.Hi-Tech Pharmacal, a specialty pharmaceutical company manufacturing and marketing generic and branded prescription and OTC products for the general healthcare industry, has signed a definitive agreement to acquire the Mag-Ox line of magnesium Nutritional supplements from Blaine for $4.1m in an all-cash transaction.
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As per the terms of the acquisition Hi-Tech will receive rights to Mag-Ox, Maginex, Uro-Mag and Corban. The brands will be sold through the company’s Health Care Products OTC division.
Mag-Ox is a magnesium supplement brand that is recommended by doctors and pharmacists for their patients with cardiovascular, diabetes and metabolic syndrome conditions. Reportedly, the brand is poised for growth as the number of patients with these serious conditions continues to increase.
David Seltzer, president and CEO of Hi-Tech Pharmacal, said: “The acquisition of these magnesium brands is a good strategic fit for Health Care Products’ diabetic line since magnesium is a common nutritional deficiency among people with diabetes as well as those with metabolic syndrome, high blood pressure and cardiovascular conditions. We believe that this acquisition will be earnings accretive and cash flow positive in the near term, and contribute to the company’s long term growth.”