Par Pharmaceutical Reports Fourth Quarter and Full Year 20...(ar endedDecember 31 2006 to $77.7 millio...),Health

Date:2/29/2008

ar ended December 31, 2006, to $77.7 million, and represented 10.1% of total revenues. The increase was due primarily to costs associated with the in-license of three Phase III products in support of the Company's branded division, Strativa. In June, the Company paid $3.0 million to Immtech Pharmaceuticals for the US commercialization rights to parfuramidine maleate. In July, the Company paid $15.0 million to BioAlliance Pharma for the US commercialization rights to Loramyc. In August, the Company acquired the North American commercial rights from Hana Biosciences, Inc. ("HANA") for Zensana(TM), at which time the Company made a $5.0 million equity investment in Hana at a contractually agreed premium. Of this amount, $1.2 million representing the premium paid was charged to R&D expense. In support of the Company's generic business, Par made a $5.0 million equity investment in IntelliPharmaCeutics Ltd., a privately held corporation, to develop and market four controlled release generic drug products. Of this amount, approximately $2.5 million, representing the premium paid, was charged to R&D.

Selling, general and administrative (SG&A) expense for the year ended December 31, 2007 decreased 6.9% to $138.2 million. The decrease in 2007 SG&A expense was primarily due to the non-recurrence of the second quarter 2006 write-off of approximately $10 million in bad debt for invalid customer deductions that the Company determined would not be pursued for collection, lower net severance costs, partially offset by the expansion of finance and accounting functions, higher other compensation related costs, including costs associated with the fourth quarter 2007 tender offer to repurchase certain unvested stock options, and increased professional costs related to the Company's restatement of prior periods.

Fourth Quarter 2007 Review

Total revenues of $155.1 million for the fourth quarter ended December 31, 2007, decreased 15.5% compared with the same period in
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SOURCE Par Pharmaceutical Companies, Inc. Copyright©2008 PR Newswire. All rights reserved

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