Akorn Receives FTC Clearance for Hi-Tech Pharmacal Acquisition
April 14 2014 - 7:00PM
Business Wire
Akorn, Inc. (NASDAQ: AKRX) today announced that the U.S. Federal
Trade Commission (FTC) has voted to approve Akorn’s acquisition of
Hi-Tech Pharmacal Co., Inc. (NASDAQ: HITK). The unanimous vote in
support of the transactions follows Akorn’s agreement to a proposed
consent order requiring divestiture of certain products as a
condition to obtaining FTC approval. The parties have now obtained
all regulatory approvals required to consummate the acquisition,
and intend to close by the end of this week.
About Akorn, Inc.
Akorn, Inc. is a niche pharmaceutical company engaged in the
development, manufacture and marketing of multisource and branded
pharmaceuticals. Akorn has manufacturing facilities located in
Decatur, Illinois; Somerset, New Jersey and Paonta Sahib, India
where the Company manufactures sterile ophthalmic and injectable
pharmaceuticals. Additional information is available on the
Company’s website at www.akorn.com.
Forward Looking Statements
This press release includes statements that may constitute
"forward-looking statements", including projections with respect to
occurrence and timing of future events. Akorn cautions that these
forward-looking statements are subject to risks and uncertainties
that may cause actual results to differ materially from those
indicated in the forward-looking statements. These statements are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Because such statements
inherently involve risks and uncertainties, actual future results
may differ materially from those expressed or implied by such
forward-looking statements. You can identify these statements by
the fact that they do not relate strictly to historical or current
facts. They use words such as "anticipate," "estimate," "expect,"
"project," "intend," "plan," "believe," and other words and terms
of similar meaning in connection with a discussion of future
operating or financial performance. Factors that could cause or
contribute to such differences include, but are not limited to:
statements relating to future steps we may take, prospective
products, prospective acquisitions and financings, future
performance or results of current and anticipated products and
acquired assets, sales efforts, expenses, the outcome of
contingencies such as legal proceedings, and financial results.
These cautionary statements should be considered in connection with
any subsequent written or oral forward-looking statements that may
be made by the Company or by persons acting on its behalf and in
conjunction with its periodic SEC filings. You are advised,
however, to consult any further disclosures we make on related
subjects in our reports filed with the SEC. In particular, you
should read the discussion in the section entitled "Cautionary
Statement Regarding Forward-Looking Statements" in our most recent
Annual Report on Form 10-K, as it may be updated in subsequent
reports filed with the SEC. That discussion covers certain risks,
uncertainties and possibly inaccurate assumptions that could cause
our actual results to differ materially from expected and
historical results. Other factors besides those listed there could
also adversely affect our results.
Akorn, Inc.Tim Dick, Chief Financial Officer(847)
279-6150orAlpha IR GroupChris Hodges, (312) 445-2870
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