Par Pharma Acquires Generic Drugmaker Edict for $37.6 Million
Generic drug developer Par Pharmaceutical Companies Inc. will buy privately held Edict Pharmaceuticals for up to $37.6 million in cash, according to the Associated Press. Edict, based in Chennai, India, makes solid, oral dose generic drugs. It has seven abbreviated new drug applications filed with the U.S. Food and Drug Administration and 14 more products in development. Abbreviated new drug applications are requests for FDA approval for a generic version of a drug that is already on the market. Par, based in Woodcliff Lake, N.J., expects to complete the deal by year-end.