LAKE FOREST, Illinois (AP) -- Generic drugmaker Akorn Inc. said Thursday it agreed to buy several manufacturing plants and other businesses from India's Kilitch Drugs Ltd. for $52 million in cash.
Kilitch Drugs makes sterile injectable drugs. The acquisition gives Akorn five manufacturing plants, a contract manufacturing and international business and products from Kilitch's Navi Mumbai plant and NBZ Pharma Ltd.
The deal calls for Akorn to pay up to $6 million more based on potential milestones and financial targets.Akorn said it expects the deal to close in about three months.
Akorn, based in Lake Forest, Illinois, has manufacturing plants in Decatur, Illinois, and Somerset, New Jersey.
Shares of Akorn have traded between $3.98 and $9.50 in the last 12 months, and they closed at $7.58 Wednesday.