Eye drug maker Akorn to buy rival Hi-Tech Pharmacal for $640 million

(Reuters) – Generic drugmaker Akorn Inc will buy rival Hi-Tech Pharmacal Co Inc for $640 million to expand its eye drug portfolio to oral liquids and ointments. Akorn will pay $43.50 per Hi-Tech share, representing a premium of 23.5 percent to Hi-Tech’s last close. The all-cash deal will make Akorn the third-largest U.S. generic ophthalmic player and will significantly increase its retail presence in both prescription and over-the-counter products, the companies said in a statement. …