Note 16   Business Combinations and Other Strategic Investments Hi-Tech Pharmacal Co., Inc. On August 26, 2013, the Company entered into an Agreement and Plan of Merger (the  Merger Agreement ) to acquire Hi-Tech Pharmacal Co., Inc., a Delaware corporation ( Hi-Tech ) for a total purchase price of approximately $640 million, calculated before considering the Hi-Tech cash the Company will assume through the acquisition, which will net against the total purchase price. As agreed to by the parties and subsequently approved by the shareholders of Hi-Tech, the Company will pay $43.50 per share for the outstanding common stock of Hi-Tech. The Merger Agreement will involve the merger of Hi-Tech with and into Akorn Enterprises, Inc., a wholly-owned subsidiary of the Company (the  Purchaser ), with Hi-Tech continuing as the surviving entity. The acquisition is expected to close early in the second quarter of 2014, following the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the   HSR Act  ). Hi-Tech is a specialty pharmaceutical company developing, manufacturing and marketing generic and branded prescription and over-the-counter (OTC) products. Hi-Tech specializes in difficult to manufacture liquid and semi-solid dosage forms and produces and markets a range of oral solutions and suspensions, as well as topical ointments and creams, nasal sprays, otics, sterile ophthalmics and sterile ointment and gels products. Hi-Tech s Health Care Products division is a leading developer and marketer of OTC products. Hi-Tech's ECR Pharmaceuticals subsidiary markets branded prescription products. The Hi-Tech acquisition is expected to complement and expand the Company s product portfolio by diversifying its offering to its retail customers beyond ophthalmics to other niche dosage forms such as oral liquids, topical creams and ointments, nasal sprays and otics. The acquisition is also expected to enhance the Company s new product pipeline. Further, the acquisition of Hi-Tech will add branded OTC p