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Strativa Pharmaceuticals Acquires Worldwide Rights to Nascobal(R) (Cyanocobalamin, USP) Nasal Spray From QOL Medical
Date:4/1/2009

First and Only Once-weekly, Self-administered Alternative to Injections for Treatment of Vitamin B12 Deficiency

WOODCLIFF LAKE, N.J., April 1 /PRNewswire-FirstCall/ -- Strativa Pharmaceuticals, the proprietary products division of a wholly owned subsidiary of Par Pharmaceutical Companies, Inc. (NYSE: PRX), today announced it has acquired the worldwide rights to Nascobal(R) (Cyanocobalamin, USP) Nasal Spray from QOL Medical LLC. Nascobal Nasal Spray is an FDA approved prescription vitamin B12 supplement indicated to treat vitamin B12 deficiency. It is the first and only once-weekly, self-administered alternative to B12 injections.

Under the terms of the all cash transaction, Strativa Pharmaceuticals will pay QOL Medical $54.5 million for the worldwide rights to Nascobal Nasal Spray. Revenues of Nascobal exceeded $8.0 million in 2008. Nascobal Nasal Spray will be manufactured by Par, which also acquired the MDRNA (formerly Nastech) facility where the product is manufactured.

"The acquisition of Nascobal Nasal Spray represents an important milestone in the execution of our corporate strategy to accelerate the growth of Strativa," said Patrick G. LePore, Chairman, Chief Executive Officer and President of Par. "The addition of Nascobal to our current portfolio, coupled with our promising product pipeline, well positions Strativa within the U.S. specialty pharmaceutical industry."

Millions of Americans are treated for vitamin B12 deficiency. The leading causes of vitamin B12 deficiency include pernicious anemia, a strict vegetarian diet, malabsorption of vitamin B12 resulting from conditions such as HIV infection, AIDS, Crohn's disease, multiple sclerosis and partial or total gastrectomy, among others. In 2008, more than 45 million vitamin B12 injections were prescribed to patients in the Uni
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SOURCE Par Pharmaceutical, Inc.
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