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Par Pharmaceutical Companies to be acquired by TPG

July 17, 2012
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WOODCLIFF LAKE, N.J. — Par Pharmaceutical Companies has entered into a definitive merger agreement to be acquired by an affiliate of TPG in a transaction with an equity value of $1.9 billion, the company announced.

Par Pharmaceutical is a U.S.-based specialty pharmaceutical company. Through its wholly-owned subsidiary''s two operating divisions, Par Pharmaceutical and Strativa Pharmaceuticals, the company says it develops, manufactures and markets high-barrier-to-entry generic drugs and niche, innovative proprietary pharmaceuticals.

Under the terms of the agreement, Par shareholders will receive $50.00 in cash for each share of Par common stock, representing a premium of approximately 37% over the closing share price on July 13, 2012, the last full trading day before today''s announcement. The agreement was unanimously approved by Par''s Board of Directors.

Patrick G. LePore, Par''s Chairman and CEO, states, "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 is a leading global private investment firm founded in 1992 with $51.5 billion of assets under management and offices in San Francisco and around the globe. The firm''s well-known investments in the healthcare sector include Aptalis Pharma, Biomet, Fenwal, Healthscope, IASIS Healthcare, Immucor, IMS Health, Quintiles Transnational, and Surgical Care Affiliates, among others.

Todd B. Sisitsky, partner at TPG, says, "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."

The closing of the transaction is conditioned upon, among other things, the affirmative vote of the holders of a majority of Par''s outstanding shares, clearance under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976, and other customary closing conditions. The transaction is not subject to a financing condition.

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