Akorn Gets FTC Approval For Hi-Tech Pharmacal Acquisition

(RTTNews) - Akorn, Inc. (AKRX) said Monday that the U.S. Federal Trade Commission has voted to approve the company's acquisition of Hi-Tech Pharmacal Co., Inc. (HITK).

The unanimous vote in support of the deal 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 plan to close by the end of this week.

In August 2013, Akorn had reached a definitive agreement to acquire Hi-Tech Pharmacal for $640 million cash.