LAKE ZURICH, Ill., and LAKE FOREST, Ill. — Global health care company Fresenius Kabi plans to acquire U.S. prescription and over-the-counter drug maker Akorn for $4.3 billion.

Under the deal, announced late Monday, Fresenius Kabi agreed to buy Akorn $34 per share, plus the assume about $450 million of debt. The U.S. headquarters for Akorn and Fresenius Kabi are located near one another in northern Illinois.

Fresenius Kabi specializes in sterile injectable medicines. Akorn has a broad portfolio of sterile ophthalmics, topical creams, ointments and gels, oral liquids, otic solutions (for the ear), nasal sprays and respiratory drugs, in addition to sterile injectables, which made up 35% of Akorn sales last year.

Akorn prescription and OTC products are sold in retail pharmacies and directly to physician and veterinary distributors, as well as to hospitals and clinics, virtually all in North America. Fresenius Kabi has a worldwide network for pharmaceutical and medical devices R&D, manufacturing, sourcing, sales and supply chain, which is expected to help expand Akorn’s portfolio in the United States and abroad.

“Joining our two companies and product portfolios will strengthen and diversify both businesses,” stated John Ducker, president and chief executive officer of Fresenius Kabi USA. “Akorn brings to Fresenius Kabi specialized expertise in development, manufacturing and marketing of alternate dosage forms, as well as access to new customer segments like retail, ophthalmology and veterinary practices. Its pipeline is also impressive, with approximately 85 ANDAs filed and pending with the FDA and dozens more in development.”

The agreement has been approved by the boards of both companies and will be recommended by Akorn’s board to its shareholders. Pending shareholder and regulatory approval and other customary closing conditions, the transaction is expected to close by early 2018.

“Fresenius Kabi is an excellent fit for Akorn, strategically and culturally,” commented Raj Rai, CEO of Akorn. “Fresenius brings to Akorn the strength and resources of a global leader with an experienced U.S. team and an outstanding record of growth and award-winning service in the United States. We look forward to working with Fresenius Kabi on this next phase of our growth.”