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Par Pharmaceutical Companies Reports Third Quarter 2011 Results
Date:11/2/2011

e second quarter of 2011.  The decrease reflects lower costs as a result of the second quarter branded division restructuring, as well as lower legal and share-based compensation expenses.

Cash and cash equivalents and marketable securitiesThe aggregate balance as of September 30, 2011 was approximately $256.8 million, after $157.6 million in payments during the quarter for previously announced AWP litigation settlements.

Product and Pipeline UpdateIn August, Par Pharmaceutical Companies entered into a definitive agreement to acquire Anchen Pharmaceuticals, a privately-held specialty pharmaceutical company focused on developing and commercializing extended release and niche generic products, for $410 million in cash.  The transaction is expected to close by year-end.

In October, Par Pharmaceutical acquired rights to three products from Teva Pharmaceuticals in connection with Teva's acquisition of Cephalon.  Par now owns the ANDAs of fentanyl citrate lozenges, a generic version of Actiq®, and cyclobenzaprine ER capsules, the generic version of Amrix®, as well as the U.S. rights to market modafinil tablets, the generic version of Provigil®.  Par is currently shipping to the trade all strengths of fentanyl citrate lozenges that were previously available from Teva.

In October, Par Pharmaceutical began shipping all strengths of olanzapine orally disintegrating tablets, the generic version of Lilly's Zyprexa Zydis®.  According to IMS Health data, annual sales in the U.S. of Zyprexa Zydis are approximately $360 million.

Par Pharmaceutical, along with third-party partners, currently has approximately 32 ANDAs pending with the FDA, 13 of which it believes to be first-to-file opportunities.

Conference CallThe Company will host a conference call and live webcast today, Wednesday, November 2, 2011 at 9:00 AM EDT to review results for the third quarter 2011.  
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SOURCE Par Pharmaceutical Companies, Inc.
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