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.