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.

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