Hi-Tech Pharmacal (HITK) to Acquire Dynova Labs' Nasal Spray Products in $2.5M Deal

Hi-Tech Pharmacal Co., Inc. (Nasdaq: HITK) has signed a definitive agreement under which Hi-Tech acquired several homeopathic branded nasal spray products including Sinus Buster and Allergy Buster from Dynova Laboratories, Inc. for $1.25 million in cash and an additional $1.25 million deposited in an escrow account to pay for certain expenses. Hi-Tech will also pay a royalty on Net Sales for 3 ½ years, or $1.75 million, whichever is reached first. The product line had Net Sales of $3.3 million in 2011. The brands will be sold through the Company's Health Care Products OTC division.

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