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Hi-Tech Pharmacal in $25M Medicaid Settlement

Thu, 12/26/2013 - 11:06am
The Associated Press

Hi-Tech Pharmacal said Thursday that it will pay $25 million to resolve allegations that it overcharged the Texas Medicaid program.

The Amityville, N.Y., company said it has already set aside money to cover the settlement and is not acknowledging any wrongdoing or liability.

Hi-Tech had said in July that it set aside $15.5 million to cover a potential settlement tied to an investigation by the Texas Health and Human Services Commission into the submission of price information.

Hi-Tech Pharmacal Co. also said Thursday that its shareholders have approved the sale of the company to Akorn Inc. and it expects the deal to close by the end of March. Akorn agreed to buy Hi-Tech in August for $640 million. Both companies make generic drugs.

Shares of Hi-Tech Pharmacal picked up a penny to $43.32 in morning trading.

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