Actavis plc has entered into agreements with Akorn, Inc. and Hi-Tech Pharmacal Co. to acquire four marketed products and one product in development, for an undisclosed cash consideration. The closing of the agreements are contingent upon Akorn's acquisition of Hi-Tech. Last August, Akorn entered an agreement to acquire Hi-Tech for $640 million in cash.
The marketed products include Ciprofloxacin Hydrochloride Ophthalmic Solution, Levofloxacin Ophthalmic Solution, Lidocaine Hydrochloride Jelly, and Lidocaine/Prilocaine Topical Cream.
"The acquisition of these products will complement our expanding portfolio of topical and ophthalmic generic products, and further strengthen our position as a leader in developing and marketing the complex, high-barrier products that provide enhanced value," said Siggi Olafsson, president, Actavis Pharma.