Hi-Tech Pharmacal buys homeopathic product line from Dynova Labs
AMITYVILLE, N.Y. — Drug maker Hi-Tech Pharmacal has bought a line of homeopathic nasal spray products from Dynova Labs, the company said Thursday.
Hi-Tech announced the acquisition of Sinus Buster and Allergy Buster for $1.25 million and an addition $1.25 million that it will deposit in an escrow account. The company also will pay Dynova a royalty on net sales for up to three and a half years or up to $1.75 million. The products, which Hi-Tech will sell through its Health Care Products over-the-counter division, had sales of $3.3 million in 2011.
"With the addition of these products, we are well-positioned to benefit from the growing trend toward natural, homeopathic treatment options," Hi-Tech president and CEO David Seltzer said. "These brands create a good strategic fit for Health Care Products as we expand our presence in the cough-cold and allergy categories."