Par Pharmaceutical acquires generics firm in $410M deal
Par Pharmaceutical Cos. Inc. announced Wednesday it is adding to its research and development portfolio by acquiring generics manufacturer Anchen Parmaceuticals in a $410 million deal.
The arrangement will be financed partly by cash on hand and partly by a $350 million loan.
Anchen, of Irvine, Calif., specializes in extended release and niche generic drugs, and has five commercialized products on the market. The company also has 26 more products in development.
"Anchen has an excellent development track record and robust product pipeline, which, when combined with Par's existing capabilities and pipeline, more than doubles our product opportunities," Patrick LePore, chairman and CEO of Par, said in an announcement.
Par, in Woodcliff Lake, expects the sale to close by the end of 2011, and the acquisition to be accretive immediately.