Akorn Receives FTC Clearance for Hi-Tech Pharmacal Acquisition

LAKE FOREST, Ill.--()--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.

Contacts

Akorn, Inc.
Tim Dick, Chief Financial Officer
(847) 279-6150
or
Alpha IR Group
Chris Hodges, (312) 445-2870

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Contacts

Akorn, Inc.
Tim Dick, Chief Financial Officer
(847) 279-6150
or
Alpha IR Group
Chris Hodges, (312) 445-2870