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 the Mag-Ox® line of Magnesium Nutritional supplements from Blaine Company, Inc., a privately held company for $4.1 million in an all-cash transaction. Under the terms of the acquisition Hi-Tech receives rights to Mag-Ox®, Maginex®, Uro-Mag® and Corban™. The products had net sales of approximately $3.4 million in calendar 2009. The brands will be sold through the Company’s Health Care Products OTC division.
