Company gains three products, which brought in $13.2 million in sales last year.

Hi-Tech Pharmacal purchased ECR Pharmaceuticals for $5.1 million in cash, which will be paid over an eight-month period. Additionally, Hi-Tech may pay up to $4 million in performance incentives tied to future ECR product sales and profits.

Under the terms of the acquisition Hi-Tech receives rights to ECR’s three marketed products: Lodrane for allergy, Bupap for pain, and DexPak TaperPak for dermatitis and poison ivy. The company will continue to operate under the name ECR Pharmaceuticals. ECR had net sales of $13.2 million and operating income of $2 million last year.

Hi-Tech is a specialty pharmaceutical company developing, manufacturing, and marketing generic and branded products specializing in liquid and semisolid dosage forms and a range of sterile ophthalmic, otic, and inhalation products.

“This acquisition allows Hi-Tech to capitalize on ECR’s growing sales and brings experienced management with a successful track-record developing new products,” says David Seltzer, president and CEO of Hi-Tech Pharmacal.

Previous articleMaking the Most of Pre-IDE Meetings
Next articleLab21 Acquires Biotec Laboratories to Expand Diagnostic Focus