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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
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SOURCE Par Pharmaceutical Companies
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