FTC imposes conditions on Akorn’s proposed buy of Hi-Tech Pharmacal
In order to consummate the proposed $640 million acquisition of Hi-Tech Pharmacal (Nasdaq: HITK) by fellow USA-based Akorn Enterprises (Nasdaq: AKRX; The Pharma Letter August 27, 2013), the companies will sell the rights and assets to three generic prescription eye medicines and two generic topical anesthetics to Watson Laboratories, said the US Federal Trade Commission, which found the proposed transaction anticompetitive and would and lead to higher prices for consumers.
The FTC complaint challenging the transaction alleges that the transaction would reduce competition in the markets for:
- Generic Ciloxan drops, eye drops used to treat bacterial eye infections and corneal ulcers. The proposed transaction would reduce from four to three the number of competitors in this already highly concentrated market.
- Generic Quixin drops, eye drops used to treat bacterial eye infections. The acquisition would reduce the number of current competitors from three to two.
- Generic Xylocaine jelly, a topical anesthetic prescription drug, for which the proposed acquisition would reduce the number of competitors from three to two.
- Generic EMLA cream, a topical anesthetic prescription drug. The proposed transaction would leave only three remaining competitors, and give the merged firm more than 70% of the US market.
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