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Par Pharmaceutical Companies Announces a Restructuring of Its Branded Division, Strativa Pharmaceuticals, to Maximize Profitability
Date:6/29/2011

WOODCLIFF LAKE, N.J., June 29, 2011 /PRNewswire/ -- Par Pharmaceutical Companies, Inc. (NYSE: PRX) today announced a restructuring of its branded division, Strativa Pharmaceuticals, as part of a strategic assessment.  As a result, there has been a workforce reduction of approximately 100.  The Company believes this initiative will position Strativa to achieve profitability in the near term.

Patrick G. LePore, Chairman, CEO and President of Par Pharmaceutical Companies, Inc., stated, "To achieve our goal of optimizing Strativa's potential, we found it necessary to reduce the number of sales representatives and focus on Megace ES and Nascobal at this time." Mr. LePore continued, "We remain fully committed to the branded business and believe it is a valuable platform for future growth."

The Company will incur one-time non-cash charges in the second quarter in addition to severance costs.  These actions will generate operating expense savings in the range of $8-12 million for the remainder of 2011.

About Par Pharmaceutical Companies, Inc.

Par Pharmaceutical Companies, Inc. is a US-based specialty pharmaceutical company.  Through its wholly-owned subsidiary's two operating divisions, Par Pharmaceutical and Strativa Pharmaceuticals, it develops, manufactures and markets higher-barrier-to-entry generic drugs and niche, innovative proprietary pharmaceuticals. For press release and other company information, visit www.parpharm.com.

About Strativa Pharmaceuticals

Strativa Pharmaceuticals, the proprietary products division of a wholly owned subsidiary of Par Pharmaceutical Companies, Inc. (NYSE: PRX), excels at finding, enhancing, and bringing to market drugs that make a meaningful difference to patie
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SOURCE Par Pharmaceutical Companies, Inc.
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