Navigation Links
Par Pharmaceutical To Acquire Anchen Pharmaceuticals
Date:8/24/2011

WOODCLIFF LAKE, N.J., Aug. 24, 2011 /PRNewswire/ -- Par Pharmaceutical Companies, Inc. (NYSE: PRX) announced today that it 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 be immediately accretive to non-GAAP earnings in 2011.

Anchen is a profitable, fully-integrated pharmaceutical company with five commercialized products, 27 ANDAs on file with the US FDA, five of which are believed to be first-to-file, and approximately 26 additional products in development.  Anchen anticipates launching 8-10 niche generic products over the next two years.  Headquartered in Irvine, California, Anchen has 218 employees and over 72,000 sq. ft. of expandable manufacturing and warehouse facilities with state-of-the-art equipment.

Patrick G. LePore, Chairman, CEO and President of Par Pharmaceutical Companies said, "This transaction accelerates the expansion of Par's research and development infrastructure and reinforces our strategy to provide long-term sustainable growth.  Anchen has an excellent development track record and robust product pipeline, which, when combined with Par's existing capabilities and pipeline, more than doubles our product opportunities."  Mr. LePore continued, "Anchen also shares Par's highly entrepreneurial culture and cost-efficient approach to product development, which should allow for a seamless integration."  

The Company intends to finance the transaction with cash on hand and a $350 million term loan.

The acquisition is subject to customary conditions and approvals.  Par expects to complete the transaction by the end of the year.

AdvisorsPar Pharmaceutical Companies was advised by JKF Advisors LLC, Orrick, Herrington & Sutcliffe LLP, and Arent Fox LLP, PricewaterhouseCoopers LLP, among others.  In addition, the Company received a fairness opinion from J.P. Morgan in connection with the transaction.

Anchen Pharmaceuticals was advised by Jefferies & Company and Winston & Strawn LLP.

Conference CallThe Company will host a conference call and webcast to discuss the transaction today at 10:00a.m. Eastern Daylight Time.  Access to the live webcast can be made via the Company's website at www.parpharm.com.Dial-in InformationDomestic:

866-783-2140International:

857-350-1599Passcode:

81836190A replay of the conference call will be available for two weeks approximately one hour after the call.  

Replay InformationDomestic:

888-286-8010International:

617-801-6888Passcode:

17442854About 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 high barrier-to-entry generic drugs and niche, innovative proprietary pharmaceuticals. For press release and other company information, visit www.parpharm.com.

Safe Harbor StatementCertain 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
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Auxilium Pharmaceuticals to Present at the Stifel Nicolaus 2011 Healthcare Conference
2. Valeant Pharmaceuticals Files a Notice of Intention to Make a Normal Course Issuer Bid
3. KalVista Pharmaceuticals Launched With £8 Million in Series A Funding to Develop Novel Class of Drugs for Diabetic Macular Edema
4. Mainor Eglet Attorney, Robert Eglet, Calls Teva Pharmaceuticals Vice President Craig Lea to the Stand in Hepatitis C Trial
5. Endo Pharmaceuticals Announces Leadership Change at HealthTronics Subsidiary: Appoints Kelly Huang, Ph.D. New President
6. Spaulding Clinical Announces Strategic Partnership with Clinigene International, India for Providing Comprehensive Early Clinical Solutions to Pharmaceutical and Biotech Clients
7. Valeant Pharmaceuticals Completes Acquisition of Sanitas Group
8. CoLucid Pharmaceuticals Receives Clearance for Investigational New Drug (IND) Application for Lasmiditan for the Treatment of Acute Migraine
9. Valeant Pharmaceuticals Announces Resignation of Michael Van Every From Valeants Board of Directors
10. Endo Pharmaceuticals Announces Termination of Collaboration with Grunenthal for the Development of Axomadol
11. Savient Pharmaceuticals Announces Publication of Pivotal Phase III KRYSTEXXA® Data in JAMA Demonstrating Significant Benefits in Refractory Chronic Gout Patients
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:7/10/2017)... CLEVELAND , July 10, 2017  US medical ... billion in 2021, according to Medical Equipment ... released by Freedonia Focus Reports. Continued increases in demand ... the aging of the population and supported by gains ... associated equipment and supplies. New product introductions will also ...
(Date:7/10/2017)... COLUMBIA, S.C. , July 10, 2017 /PRNewswire/ ... product purchasing and patient support services organization serving ... announced today the launch of four significant, value-added ... into market insights, better manage reimbursement and improve ... Ig and factor therapies. ...
(Date:7/10/2017)... 10, 2017 Locus Biosciences Inc. today announced ... the development of CRISPR-Cas3 antimicrobial therapeutics. Financing for the ... Chinese Internet services provider, and joined by the North ... disease product programs targeting antibiotic resistant infections and other ... by Dr. Rodolphe Barrangou and Dr. ...
Breaking Medicine Technology:
(Date:7/26/2017)... ... , ... A major challenge many labs face is a direct result from ... freeze dry cycle are a few common challenges that can overcome when following best ... accessories and advancements in laboratory freeze dryers that will improve quality and reduce the ...
(Date:7/26/2017)... Bethesda, Maryland (PRWEB) , ... ... ... International Society for Pharmaceutical Engineering (ISPE) will host its 2017 Process ... September. These concurrent events offer comprehensive solutions to process validation lifecycle challenges ...
(Date:7/26/2017)... ... 26, 2017 , ... Team Type 1 Foundation, a nonprofit organization pursuing a ... diabetes, is excited to announce the 106 college athletes with type 1 diabetes who ... 2005, the Team Type 1 Foundation has bestowed a total of 271 college scholarships ...
(Date:7/26/2017)... ... July 26, 2017 , ... IDC-Eating Disorder Care ... the treatment program located in Royal Oak, Michigan. IDC, formerly known as ... focused on providing the highest standards in the field of eating disorder treatment in ...
(Date:7/26/2017)... ... ... a partner at the Andrew Cores Family Law Group, a division of Esp ... year. She will serve the membership in this capacity for a term of one year ... by-laws. , Musielak joined the Andrew Cores Family Law Group in ...
Breaking Medicine News(10 mins):