Sales & Earning In Brief
This article was originally published in The Tan Sheet
Executive Summary
Hi-Tech Pharmacal seeks OTC acquisitions: The pharmaceutical firm plans to bolster its current line of diabetic consumer health products with additional brand acquisitions. The OTC market is "a critical area for future growth and we are continuing to seek acquisitions to build our OTC business," said Hi-Tech Pharmacal CEO David Seltzer March 11. The Amityville, N.Y., company purchased the Mag-Ox magnesium supplement line in early March (1"The Tan Sheet" March 8, 2010, In Brief). For the November-January period, Hi-Tech grew sales in its Health Care Products division, including OTCs, 11.5 percent to $2.9 million, while overall net sales jumped 32 percent to $38.8 million
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Hi-Tech Pharmacal acquires Mag-Ox supplement line from Blaine Pharmaceuticals, adding to the specialty pharma's OTC offerings for diabetic consumers. The $4.1 million cash transaction includes rights to magnesium supplements that generated about $3.4 million in 2009 sales, including Mag-Ox 400, Maginex and Uro-Mag. Hi-Tech said March 2 magnesium deficiency is common among diabetics and the Amityville, N.Y.-based firm expects the acquisition to be accretive and cash flow-positive soon
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In Brief
Combe sells most of its OTC brands