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Par Pharmaceutical Announces Extension and Increase in Maximum Purchase Price for 'Modified Dutch Auction' Tender Offer to Purchase up to $65,000,000 Aggregate Principal Amount of its Currently Outstanding 2.875% Senior Subordinated Convertible Note
Date:11/9/2009

WOODCLIFF LAKE, N.J., Nov. 9 /PRNewswire-FirstCall/ -- Par Pharmaceutical Companies, Inc. (NYSE: PRX) today announced that it has extended the expiration date and increased the purchase price of its previously announced "Modified Dutch Auction" tender offer, in which Par is offering to purchase, for cash, up to $65,000,000 aggregate principal amount, or up to approximately 82.7%, of its outstanding 2.875% Senior Subordinated Convertible Notes due 2010.

The price for the offer to purchase the convertible notes includes accrued and unpaid interest thereon up to, but not including, the date of purchase of the convertible notes, and has increased from a price (in multiples of $0.50 per $1,000 principal amount) not greater than $990.00 nor less than $982.50 per $1,000 principal amount to a price not greater than $1,000.00 nor less than $982.50 per $1,000 principal amount.

The deadline for tendering convertible notes in the offering has been extended from 12:00 midnight, New York City time, on Wednesday, November 11, 2009, to 12:00 midnight, New York City time, on Tuesday, November 24, 2009, unless further extended.

The Company has been advised that as of 5:00 p.m., New York City time, on November 6, 2009, approximately $4,345,000 of the convertible notes had been tendered in the Offer.

About Par Pharmaceutical

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

Tender Offer Statement

This press release is for informational purposes only and is neither an offer to buy nor the solicitation of an offer to sell any securities. The full details of the tender of
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SOURCE Par Pharmaceutical Companies, Inc.
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