Hi-Tech Pharmacal completes acquisition of dermatosis treatment
AMITYVILLE, N.Y. — Hi-Tech Pharmacal has acquired rights to a topical drug for treating dermatoses of the scalp from Watson, Hi-Tech said Monday.
Hi-Tech announced the acquisition of Cormax (clobetasol propionate) topical solution for an undisclosed sum. The drug had sales of about $600,000 in 2011, according to IMS Health. The drug maker acquired the drug through its ECR Pharmaceuticals subsidiary and plans to launch it this month.
"Since Hi-Tech will manufacture Cormax for our ECR subsidiary, we anticipate the product will generate high margins," Hi-Tech president and CEO David Seltzer said. "We are pleased to add another well-recognized brand to the ECR portfolio of branded products."