FTC imposes conditions on Akorn’s proposed buy of Hi-Tech Pharmacal
In order to consummate the proposed $640 million acquisition of Hi-Tech Pharmacal (Nasdaq: HITK) by fellow USA-based Akorn Enterprises (Nasdaq: AKRX; The Pharma Letter August 27, 2013), the companies will sell the rights and assets to three generic prescription eye medicines and two generic topical anesthetics to Watson Laboratories, said the US Federal Trade Commission, which found the proposed transaction anticompetitive and would and lead to higher prices for consumers.
The FTC complaint challenging the transaction alleges that the transaction would reduce competition in the markets for:
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