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Par Pharmaceutical Announces the Resignation of Its Chief Financial Officer

WOODCLIFF LAKE, N.J., Dec. 12 /PRNewswire-FirstCall/ -- Par Pharmaceutical Companies, Inc. (NYSE: PRX) today announced the resignation of Veronica A. Lubatkin, executive vice president and chief financial officer, effective March 6, 2009, to pursue other professional opportunities.

Lawrence A. Kenyon, 43, will join Par on December 15th as executive vice president of finance and will assume the role of chief financial officer on March 9, 2009. Mr. Kenyon joins from Alfacell Corporation where he served as president, chief financial officer and corporate secretary since joining the company in 2006. Mr. Kenyon will remain on the board of directors of Alfacell and, in this capacity, will also serve as acting president, chief financial officer and corporate secretary until January 31, 2009. Prior to joining Alfacell, he served as executive vice president, chief financial officer and corporate secretary of NeoPharm Inc. since 2000. From 1988 until 2000, Mr. Kenyon held a variety of senior executive positions with Mathers & Company, Inc. and its affiliated companies most recently as a chief financial officer. Mr. Kenyon, a certified public accountant, began his career with Arthur Andersen & Co. after receiving a bachelor's degree in accounting from the University of Wisconsin -- Whitewater.

About Par

Par Pharmaceutical Companies, Inc. develops, manufactures and markets generic drugs and innovative branded pharmaceuticals for specialty markets. For press release and other company information, visit

SafeHarbor Statement

Certain statements in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. To the extent any statements made in this news release contain information that is not historical, these statements are essentially forward-looking and, as such, are subject to known and unknown risks, uncertainties and contingencies, many of which are beyond the control of the Company, which could cause actual results and outcomes to differ materially from those expressed herein. Risk factors that might affect such forward-looking statements include those set forth in Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2007, in Item 1A of the Company's subsequent Quarterly Reports on Form 10-Q, in other of the Company's filings with the SEC from time to time, including Current Reports on Form 8-K, and on general industry and economic conditions. Any forward-looking statements included in this news release are made as of the date hereof only, based on information available to the Company as of the date hereof, and, subject to any applicable law to the contrary, the Company assumes no obligation to update any forward-looking statements.

SOURCE Par Pharmaceutical Companies, Inc.
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