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

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.  Ri
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