Par Pharmaceutical Announces 'Modified Dutch Auction' Tender Offer to Purchase up to $65,000,000 Aggregate Principal Amount of its Currently Outstanding 2.875% Senior Subordinated Convertible Note...(onvertible notes tendered in the tender ...),Health

In the event that the aggregate principal amount of convertible notes properly tendered at or below the purchase price determined pursuant to the tender offer exceeds the amount Par is seeking to purchase, subject to the terms and conditions of the tender offer, Par will accept for payment convertible notes tendered at or below such purchase price on a pro rata basis from among such tendered convertible notes.

The dealer manager for the tender offer is JMP Securities LLC. The depositary for the tender offer is American Stock Transfer & Trust Company, and the information agent for the tender offer is Georgeson Inc. The offer to purchase, letter of transmittal and related documents will be delivered to all holders of Par's convertible notes.

Holders of the convertible notes who have questions or would like additional copies of the tender offer documents may call the information agent at (888) 877-5360 (Toll Free). Banks and brokerage firms may call (212) 440-9800.

While Par's board of directors has approved the making of the tender offer, none of Par, its board of directors, the dealer manager, the information agent or the depositary makes any recommendation to any holder of convertible notes as to whether to tender or refrain from tendering any convertible notes or as to the price or prices at which holders may choose to tender their convertible notes. Par has not authorized any person to make any recommendation with respect to the tender offer. Holders of convertible notes must decide whether to tender their convertible notes and, if so, the principal amount to tender and the price or prices at which to tender such convertible notes. In doing so, holders of convertible notes should carefully evaluate all of the information in the offer to purchase and the related letter of transmittal before making any decision with respect to the tender offer
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