Par Pharmaceutical Completes Acquisition of Edict Pharmaceuticals
WOODCLIFF LAKE, N.J., Feb. 17, 2012 /PRNewswire/ -- Par Pharmaceutical Companies, Inc. (NYSE: PRX) announced today that it has completed the acquisition of privately-held Edict Pharmaceuticals Private Limited, an India-based developer and manufacturer of generic pharmaceuticals. Par paid $20.5 million at closing and $4.4 million repayment of certain pre-close indebtedness.
Edict is a Chennai, India-based developer and manufacturer of solid oral dosage generic pharmaceuticals with a highly-skilled research and development team and strong product pipeline focused on niche first-to-file, first-to-market products. Edict currently has 11 ANDAs filed with the U.S. FDA.
In connection with the closing of the acquisition, the previously-disclosed lawsuit by a former shareholder of Edict, Gavis Pharma LLC, was settled by the payment of a portion of the closing proceeds to Gavis by an Edict shareholder.
About Par Pharmaceutical Companies, Inc.
Par Pharmaceutical Companies, Inc. is a U.S.-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 Statement
Certain 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. Risk factors that might affect such forward-looking statements include those set forth in Item 1A of the Company's most recent Annual Report on Form 10-K, in other of the Company's filings with the SEC from time to time, including Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and on general industry and economic conditions. Any forward-looking statements included in this news release are made as of the date hereof only, based on information available to the Company as of the date hereof, and, subject to any applicable law to the contrary, the Company assumes no obligation to update any forward-looking statements.
SOURCE Par Pharmaceutical Companies, Inc.