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Circa/Hi-Tech merger off

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Executive Summary

Circa Pharmaceuticals and Hi-Tech Pharmacal have ended merger discussions due to an inability "to mutually agree on certain terms and conditions relating to the intended merger," the firms announce May 5. Circa and Hi-Tech will continue to work together under a development and marketing agreement initiated in early 1993 involving ANDAs for products in the anti-inflammatory, antibiotic and anti-ulcer areas. The companies announced March 22 that Circa would be acquiring Hi-Tech in a $65 mil. stock swap ("The Pink Sheet" March 28, T&G-2)

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