Akorn Inc. (Nasdaq: AKRX) is buying Hi-Tech Pharmaceutical Co. Inc. (Nasdaq: HITK) for $640 million in cash.

Amityville, N.Y.-based Hi-Tech is a specialty pharmaceutical company that manufactures generic and branded prescription and over-the-counter products. The company specialized in liquid and semi-solid medicines, including topical ointments, creams and nasal sprays.

The purchase price works out to $43.50 per share in cash. Hi-Tech’s shares closed at $35.21 on Aug. 26, before the deal was announced, and were trading at about $43.43 mid-morning, after the deal announcement.

Akorn, headquartered in Lake Forest, Ill., is a pharmaceutical company that focuses on developing eye-care and injectable products.

The deal brings cough, cold, nasal and topical products to Akorn’s existing product portfolio.

Akorn’s acquisition follows several others in the pharmaceutical sector. In July, Mitsubishi Tanabe Pharma Corp. agreed to buy Medicago Inc. (TSX: MDG), and in June, Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) agreed to purchase MicroDose Therapeutx

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