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Par Pharmaceutical Announces Results of Its 'Modified Dutch Auction' Tender Offer
Date:11/25/2009

WOODCLIFF LAKE, N.J., Nov. 25 /PRNewswire-FirstCall/ -- Par Pharmaceutical Companies, Inc. (NYSE: PRX) today announced the results of its "Modified Dutch Auction" tender offer, in which Par offered to purchase, for cash, up to $65,000,000 aggregate principal amount, or up to approximately 82.7%, of its outstanding 2.875% Senior Subordinated Convertible Notes due 2010.

Based on the count by American Stock Transfer & Trust Company, LLC, the depositary for the tender offer, $30,805,000 aggregate principal amount of the Notes were properly tendered and not withdrawn in the tender offer.

In accordance with the terms and conditions of the tender offer, and based on the count by the depositary, the Company has accepted for payment $30,805,000 aggregate principal amount of the Notes at a purchase price of $1,000 per $1,000 principal amount, for a total cost of $30,805,000 (excluding accrued interest and fees and other expenses in connection with the tender offer).

The aggregate principal amount of Notes that the Company will purchase represents approximately 39.2% of the currently outstanding principal amount of the Notes.

In the tender offer, the Company offered to purchase, for cash, up to $65,000,000 aggregate principal amount, or up to approximately 82.7%, of the outstanding Notes at a price not greater than $1,000.00 nor less than $982.50 per $1,000 principal amount, plus accrued and unpaid interest thereon.

JMP Securities LLC served as the dealer manager for the tender offer. American Stock Transfer & Trust Company, LLC served as the depositary for the tender offer, and Georgeson, Inc. served as the information agent for the tender offer. Holders of the Notes who have questions about the tender offer may call the dealer manager at (415) 869-4460, or the information agent at (888) 87
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