Hi-Tech acquires Mag-Ox line from Blaine
AMITYVILLE, N.Y. Hi-Tech Pharmacal on Tuesday announced the signing of an acquisition agreement for the Mag-Ox line of Magnesium Nutritional supplements from Blaine Co. in a transaction valued at $4.1 million.
Under the terms of the acquisition Hi-Tech receives rights to the Mag-Ox, Maginex, Uro-Mag and Corban brands. The products had net sales of approximately $3.4 million in calendar 2009.
“The acquisition of these magnesium brands is a good strategic fit for [Hi-Tech’s] diabetic line since magnesium is a common nutritional deficiency among people with diabetes as well as those with metabolic syndrome, high blood pressure and cardiovascular conditions,” stated David Seltzer, Hi-Tech president and CEO.