Navigation Links
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 patients. For more information about Strativa, visit www.strativapharma.com.

Safe Harbor Statement

Certain statements in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  To the extent any statements made in this news release contain information that is not historical, these statements are essentially forward-looking and, as such, are subject to known and unknown risks, uncertainties and contingencies, many of which are beyond the control of the Company, which could cause actual results and outcomes to differ materially from those expressed herein.  Risk factors that might affect such forward-looking statements include those set forth in Item 1A of the Company's most recent Annual Report on Form 10-K, in other of the Company's filings with the SEC from time to time, including Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and on general industry and economic conditions.  Any forward-looking statements included in this news release are made as of the date hereof only, based on information available to the Company as of the date hereof, and, subject to any applicable law to the contrary, the Company assumes no obligation to update any forward-looking statements.


'/>"/>
SOURCE Par Pharmaceutical Companies, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Tibotec Pharmaceuticals Announces Agreement With Gilead Sciences to Develop and Commercialize a New Fixed-Dose Combination of PREZISTA® and Cobicistat
2. Cardium Announces Plans to Acquire Transdel Pharmaceuticals Phase 3 Topical Analgesic and Cosmeceutical Business Assets
3. Curaxis Pharmaceutical Corporation Announces Key Changes to Its Board of Directors and Management Team in Progression Toward Clinical Trials
4. Gamma Pharmaceuticals, Inc. Completes Sale and Books Revenue with National Pharmacy Chain
5. Syndax Pharmaceuticals Announces Entinostat Data from Two Lung Cancer Clinical Trials at Upcoming World Lung Conference
6. Ampio Pharmaceuticals, Inc. Releases Results From Phase III Clinical Trial of Zertane™ for the Treatment of Premature Ejaculation (PE), the Most Prevalent Form of Male Sexual Dysfunction
7. Pacira Pharmaceuticals, Inc. Announces Inclusion in Russell 3000 Index
8. Reportlinker Adds India Biopharmaceuticals Market
9. Endo Pharmaceuticals Issues Voluntary, Nationwide Recall of Two Lots of Endocet® (Oxycodone/Acetaminophen, USP) Tablets, 10 Mg /325 Mg
10. Drs. Ben Machielse Joins Omthera Pharmaceuticals, Inc. as Chief Operating Officer
11. FDA Accepts Endo Pharmaceuticals Complete Response for New Formulation of OPANA® ER
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:4/28/2016)... NEW YORK , April 28, 2016 ... of online consumer insights on healthcare, announced today that ... in their report Cool Vendor in Life Sciences, ... , April 15, 2016.  The report focuses on life-science- ... to gain insight from patients and doctors, confirm medication ...
(Date:4/28/2016)... Oramed Pharmaceuticals Inc. (NASDAQ: ... on the development of oral drug delivery systems, announced today ... conference, presented by Joseph Gunnar & Co. LLC, ... York . Nadav Kidron , CEO of Oramed, ... Presentation Details:   PIONEERS 2016, presented by ...
(Date:4/28/2016)... TapImmune,Inc. (TPIV), a clinical-stage immune-oncology company ... and vaccines for the treatment of cancer & metastatic disease, ... Growth Capital Expo to be held on May 3 ... in Las Vegas, Nevada.  The Company presentation will be ... by Dr. John N. Bonfiglio a TapImmune Board ...
Breaking Medicine Technology:
(Date:4/28/2016)... ... ... ProText Layouts is a set of 30 self-animating kinetic text layouts created ... video editors can create an energetic typography video with incredible ease. Utilize intuitive ... text-based videos have never been easier. , ProText Layouts includes 30 kinetic text layouts ...
(Date:4/28/2016)... ... April 28, 2016 , ... University of New England President Danielle N. ... vice president of Student Engagement. In addition to his role as director of ... areas. , “In the space of just one year Jack has distinguished himself ...
(Date:4/28/2016)... D.C., (PRWEB) , ... April 28, 2016 , ... ... systems, and the Campaign for Tobacco-Free Kids, a leading force in the fight ... promote federal, state and local policies that can help reduce tobacco use. The ...
(Date:4/28/2016)... ... 2016 , ... Horizon Blue Cross Blue Shield of New ... make transformative changes in how health care is delivered and financed in New ... breakthroughs in cellular medicine to treat disease. After accepting an invitation to speak ...
(Date:4/28/2016)... ... April 28, 2016 , ... Amada Senior Care, premier provider of ... San Antonio – its San Antonio West location. Prior to entering the senior care ... The grand opening of Amada San Antonio West will take place on Friday, April ...
Breaking Medicine News(10 mins):