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Par Pharmaceutical Reports Third Quarter 2008 Results
Date:11/6/2008

ower sales and marketing expenses of Megace(R) ES, tempered by an increase in legal fees.

Recent Events

On October 14, 2008, Par announced a resizing of its generic unit as part of an ongoing strategic assessment of its businesses. The Company will significantly reduce its research and development (R&D) expenses by decreasing its internal R&D effort to focus on completing products currently in development and will continue to look for opportunities with external partners. In addition, the Company is trimming its current generic product portfolio and retaining only those marketed products that deliver acceptable profit to the Company. These actions will result in a workforce reduction of approximately 190 employees. Approximately 30% of the affected positions in manufacturing, R&D, and general and administrative will be eliminated by year-end 2008 and the remaining positions by the end of the first half of 2009.

In connection with these actions, the Company expects to incur pre-tax expenses in the range of approximately $28-$38 million, which is comprised of approximately $11 million for severance and other employee-related costs; approximately $17-$18 million for asset impairments resulting from facility closures and related actions; up to approximately $2 million in inventory write-offs related to the reduction of the Company's generic product portfolio; and up to approximately $7 million for other costs. The Company expects that approximately $8-$10 million of this charge will result in cash expenditures during the fourth quarter of 2008 and the first half of 2009.

Also in October, the Company repurchased senior subordinated convertible notes that were to mature on September 30, 2010 in the aggregate principal amount of $58.0 million for approximately $50 million, including accrued interest. The notes bore interest at an annual rate of 2.875%. This repurchase will result in the write-off of approximately $0.5 million of deferred financi
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SOURCE Par Pharmaceutical Companies, Inc.
Copyright©2008 PR Newswire.
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