Table of Contents
WOODCLIFF LAKE, N.J. — Par Pharmaceutical Cos. has agreed to be acquired by private equity firm TPG in a deal valued at $1.9 billion.
The generic drug and specialty pharmaceutical company said Monday that under the agreement, Par can solicit proposals from other parties until Aug. 24, and its board plans to do so.
If no better proposal emerges, the acquisition is expected to close this year, pending customary approvals and closing conditions, according to Par.
"We are excited about this transaction as it delivers compelling value to our shareholders," stated Patrick LePore, Par chairman and chief executive officer. "While my focus and that of the Par board of directors was on shareholder value, we are very pleased that Par will be acquired by TPG, a leading global private investment firm whose substantial resources and health care experience will enable Par to continue to invest in its future long-term growth."
Par’s two operating divisions include Par Pharmaceutical and Strativa Pharmaceuticals.
"We are excited for the opportunity to invest in Par, a leading generic pharmaceutical company that has a long track record of success via its focus on complex products and its strong, diversified product pipeline," commented Todd Sisitsky, partner at TPG. "The company is positioned to benefit from the strong macro trends of a greater focus on cost-effective health care solutions and the increasing demands from an aging population. We look forward to partnering with this talented management team to continue developing an attractive platform for expansion."
