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WOODCLIFF LAKE, N.J. — The sale of Par Pharmaceutical Cos. to private equity firm TPG has been completed.
Par Pharma said Friday that under the $1.9 billion deal announced in July, its stockholders will receive $50 in cash for each share of Par common stock they own.
With the closing of the transaction, Par’s common stock will no longer be listed for trading on the New York Stock Exchange.
"This transaction has delivered significant value to our shareholders and is a strong endorsement of our business model, our team, and our unique position in the generic industry," stated Patrick LePore, Par’s Chairman of the Board. "As a private company, Par will have greater flexibility to pursue its longer term goals. TPG’s long-term orientation and access to additional capital will help support the continued growth and success of the Par franchise."
The generic drug and specialty pharmaceutical company’s two operating divisions include Par Pharmaceutical and Strativa Pharmaceuticals.
"We are delighted to be working with the talented Par management team. We have a strong appreciation for the distinct and attractive market position that Par enjoys and are enthusiastic about the prospects for the business going forward," commented Todd Sisitsky, partner at TPG.
