WOODCLIFF LAKE, N.J. — Par Pharmaceutical Cos. plans to buy Indian generic drug maker Edict Pharmaceuticals in a cash deal valued at up to $37.6 million.
Par said Monday that it expects to finalize the agreement, pending customary conditions and approvals, by the end of the year.
Chennai, India-based Edict develops and manufactures solid oral dosage generic pharmaceuticals and has a highly skilled research-and-development team along with a strong product pipeline focused on niche first-to-file, first-to-market formulations, according to Par.
"This transaction enhances Par’s already successful research and development infrastructure and demonstrates Par’s intention to continue to build out our product development platform. Also, Edict’s facility adds significant operational capacity and provides business continuity protection for our Spring Valley, N.Y. facility," Paul Campanelli, president of Par Pharmaceutical, said in a statement.
"Par has a long-standing relationship with Edict’s CEO, Muthusamy ‘Samy’ Shanmugan, having collaborated on numerous current Par products," Campanelli added. "He shares Par’s highly entrepreneurial culture and cost-efficient approach to product development. I am very excited to welcome Samy and his experienced and dedicated team to Par."
