Hi-Tech Pharmacal buys ECR for $5.1M in cash

Hi-Tech Pharmacal has signed a definitive agreement under which it  will acquire the assets of ECR Pharmaceuticals, a US privately-held  branded specialty pharmaceutical firm for $5.1 million in an all-cash  transaction, to be paid over an eight-month period. Additionally,  Hi-Tech may pay up to $4.0 million in performance incentives tied to  future ECR's sales and profits. In return, Hi-Tech receives rights to  ECR's product line, including branded prescription drugs for allergy,  headache and dermatitis/poison ivy. ECR has 45 sales representatives and  had net sales of $13.2 million in 2008.