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:2/9/2016)... 9, 2016 The new report "Global Blood Monitoring & Cardiac Monitoring ... & Consulting group reveals that global market for blood monitoring & ... and expected to grow to US$ 24,830.1 million by 2019 at ... North America , Europe , ... Middle-East and Africa . The three ...
(Date:2/9/2016)... Feb. 9, 2016  Johnson & Johnson (NYSE: ... Global Healthcare Conference on Tuesday, Feb. 23, at the ... Caruso , Vice President, Finance & Chief Financial Officer ... represent the Company in a session scheduled at 10:00 ... --> www.investor.jnj.com . --> This webcast ...
(Date:2/9/2016)... , Feb. 9, 2016  Bluestar Silicones will ... product line for long-term implant applications and announce ... Design & Manufacturing (MD&M) West Conference (Booth #1759), ... --> --> Available ... Biomedical LSRs offer outstanding physical properties enabling our ...
Breaking Medicine Technology:
(Date:2/8/2016)... ... 2016 , ... Stephanie Hebert Insurance Agency, serving families of ... charity campaign. As part of their ongoing community involvement program, funds are now ... children deserve a voice, and in the spirit of neighbors helping neighbors in ...
(Date:2/8/2016)... ... 2016 , ... A man who has struggled to quit smoking, a man who has struggled ... to find solutions to his problems – and he did. Now Nabat, a serial entrepreneur ... introduce his breakthrough inventions to the world and better people's lives. His own experience with ...
(Date:2/8/2016)... ... February 08, 2016 , ... If you are feeling that your clothes ... not alone. According to the Center for Disease Control and Prevention (CDC), 34.9% of ... and certain types of cancer, some of the leading causes of preventable death. ...
(Date:2/8/2016)... ... 08, 2016 , ... Steve Helwig & Associates Insurance & Financial, serving the ... has teamed up with Citizens Opposed to Domestic Abuse in support of its efforts ... all those victimized by the fear of violence in their own homes, donations may ...
(Date:2/8/2016)... ... February 08, 2016 , ... ... program serving the greater Venice, FL area, has initiated a fundraiser for a ... car accident just four days after Christmas. To support this beautiful child who ...
Breaking Medicine News(10 mins):