Woodcliff Lake-based Par Pharmaceutical Cos. Inc. today announced it has agreed to be acquired by an affiliate of private investment firm TPG for approximately $1.9 billion in cash.

In a statement, Par Chairman and CEO Patrick G. LePore said the acquisition "delivers compelling value to our shareholders," as TPG will pay $50 in cash per share — a 37 percent premium to its closing share price Friday, but 6 cents below its premarket trading price today.

LePore said TPG's "substantial resources and health care experience will enable Par to invest in its future long-term growth," since the firm previously has invested in pharmaceutical companies IMS Health Inc. and Aptalis Pharma, among others.

The deal follows Par's series of acquisitions that boosted its generics pipeline, including its purchase of Irvine, Calif.-based Anchen Pharmaceuticals Inc. for $410 million in August 2011 and India-based Edict Pharmaceuticals Pvt. Ltd. for $20.5 million in February.

In a statement, TPG partner Todd B. Sisitsky said the firm is "excited for the opportunity to invest in Par" because it is "positioned to benefit from … a greater focus on cost-effective health care solutions and the increasing demands from an aging population."

While Par's board of directors unanimously approved the buyout, it still needs approval from those holding a majority of the company's outstanding shares, though the deal is not subject to a financing condition.