Par Pharmaceutical’s board of directors has voted unanimously in favor of acquisition by private investment firm TPG for $1.9 billion, with Par shareholders getting $50 cash per share of Par common stock. Par and its subsidiary Strativa market several OINDPs, including Nascobal cyanocobalamin nasal spray and Miacalcin calcitonin nasal spray.
Par Chairman and CEO Patrick G. LePore said, “We are excited about this transaction as it delivers compelling value to our shareholders. 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 healthcare experience will enable Par to continue to invest in its future long-term growth.”
TPG partner Todd B. Sisitsky commented, “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. The company is positioned to benefit from the strong macro trends of a greater focus on cost effective healthcare 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.”
Read the Par Pharmaceutical press release.
