Hi-Tech Pharmacal acquires rights to branded drugs
AMITYVILLE, N.Y. — Generic drug maker Hi-Tech Pharmacal said that it has acquired marketing and distribution rights to pain treatments made by Atley Pharmaceuticals.
Hi-Tech, which paid $3.6 million in cash for rights to the products and inventory, said some of Atley's drugs already have been approved by the Food and Drug Administration, while others were pending approval. The company didn't say which products it was acquiring the rights to, but noted that Hi-Tech subsidiary ECR Pharmaceuticals will produce and promote the products.
"We are pleased to add these branded prescription products to our product portfolio," Hi-Tech president and CEO David Seltzer said. "We believe the acquisition of these products creates an excellent synergy with ECR’s current product line and provides additional therapeutic options to help primary care physicians and their patients address problems with pain."