Par Pharmaceutical agrees to be bought by TPG for US $1.9 billion
Private equity-firm, TPG Capital, has entered into a definitive agreement to acquire US-based Par Pharmaceutical for US $1.9 billion. Under terms of the agreement, Par stockholders will receive US $50 a share in cash.
Last year, Par generated US $926 million in revenue and has over 50 products on the market and 30 in development. The generic-drug maker’s shares have increased by 6.7% in the past 12 months.
“We are excited for the opportunity to invest in Par, a leading generic pharmaceutical company that has a long track record of success via its focus on complex products and its strong, diversified product pipeline. 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.”
Todd B. Sisitsky, partner at TPG.
However, analysts believe that this deal is low compared with recent deals for generic-drug makers and that other potential buyers may bid for Par before the agreement is finalised on 24th August 2012.
Par Pharmaceutical Agrees to Be Bought by TPG (Bloomberg)
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