Hi-Tech Pharmacal (HITK) Acquires a Line of Branded Homeopathic Nasal Spray Products
3/8/2012 6:53:17 AM
AMITYVILLE, N.Y.--(BUSINESS WIRE)--Hi-Tech Pharmacal Co., Inc. (NASDAQ:HITK) announced today the signing of a definitive agreement under which Hi-Tech acquired several homeopathic branded nasal spray products including Sinus Buster® and Allergy Buster® from Dynova Laboratories, Inc. for $1.25 million in cash and an additional $1.25 million deposited in an escrow account to pay for certain expenses. Hi-Tech will also pay a royalty on Net Sales for 3 ½ years, or $1.75 million, whichever is reached first. The product line had Net Sales of $3.3 million in 2011. The brands will be sold through the Company's Health Care Products OTC division.