Actavis to purchase four currently marketed products from Akorn

Actavis plc (NYSE: ACT), a leading global specialty pharmaceutical company, today announced that it has entered into agreements with Akorn, Inc. and Hi-Tech Pharmacal Co. Inc. to purchase four currently marketed products and one product under development for cash consideration.  The closing of the purchase agreements are contingent upon the consummation of Akorn's acquisition of Hi-Tech.  Financial terms of the agreements were not disclosed.

The agreements include three products marketed under Abbreviated New Drug Applications — Ciprofloxacin Hydrochloride Ophthalmic Solution, Levofloxacin Ophthalmic Solution and Lidocaine Hydrochloride Jelly — and one product marketed under a New Drug Application: Lidocaine/Prilocaine Topical Cream.  The agreements also include one product under development.

"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.