Hi-Tech acquires Midlothian’s assets
This article was originally published in The Tan Sheet
Executive Summary
Amityville, N.Y.-based Hi-Tech Pharmacal signed an agreement Dec. 31 to acquire the assets of Midlothian Laboratories for $5 million, the firm says. Additionally, Hi-Tech will pay almost $1 million for inventory and potentially up to $1 million in performance incentives tied to future Midlothian product sales and abbreviated new drug application approval. Hi-Tech will receive rights to Midlothian's portfolio of prescription nutritional supplements as well as future ANDA and non-ANDA products in development. According to Hi-Tech, Midlothian had sales of approximately $5.6 million and pre-tax income of $800,000 in 2006...
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