Usman Shah
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Akorn Buys Hi-Tech Pharmacol

The 3rd largest U.S. generic ophthalmic drug maker Akorn Inc(NASDAQ: AKRX) has made a $640 million deal to buy the rival Hi-Tech Pharmacol Co Inc (NASDAQ: HITK), Akron is paying a premium of 23.5% from the last close for the shares buying them at the price of $43.50. Both companies combined should have a revenue of over $500 million, the deal is to be closed by the first quarter of 2014. The deal rose Akorn's share 11.16% to $18.27 a share, the company is expected to grow faster with this acquisition. It was the 3rd largest in the U.S. before could reach the number one spot soon, might be a good to go long on this one.