Expanding generics business, product portfolio, pipeline and manufacturing capabilities
Endo International, which has its global headquarters in Dublin, Ireland, is to buy privately held Par Pharmaceutical Holdings for US$8.05bin, in a move that will significantly expand Endo's generics business as well as driving long-term revenue growth.
The transaction has been unanimously approved by both Boards of Directors and is expected to be completed in the second half of this year. Endo will pay around $1.55bn (18 million shares) in equity and $6.50bn in cash to Par shareholders.
Rajiv De Silva, President and CEO of Endo said: 'This transaction with Par builds upon our generics growth, adding a strong portfolio of high barrier-to-entry and attractive gross margin products while also transforming Endo, creating a powerful corporate platform for future growth and strategic M&A.'
Par Chief Executive Paul Campanelli will join Endo to lead the generics business. He said the two companies share the same goal of 'developing and commercialising generic drugs in areas of greatest revenue potential, complex formulations and longer life cycles.'