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Par Pharmaceutical Announces the Resignation of Its Chief Financial Officer
Date:12/12/2008

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 www.parpharm.com.

SafeHarbor Statement

Certain statements in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act
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SOURCE Par Pharmaceutical Companies, Inc.
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