Par Pharmaceutical To Acquire Anchen

Par Pharmaceutical Companies has entered into a definitive agreement to acquire Anchen Pharmaceuticals, a privately-held specialty pharmaceutical company, for $410 million in cash. Anchen develops and commercializes extended release and niche generic products. Anchen has five commercialized products, 27 ANDAs on file with the FDA, and approximately 26 additional products in development. Anchen anticipates launching eight to 10 generic products during the next two years. Headquartered in Irvine, CA, Anchen has 218 employees and more than 72,000 sq. ft. of manufacturing and warehouse facilities.

Patrick G. LePore, chairman, chief executive officer and president of Par Pharmaceutical Companies, said, “This transaction accelerates the expansion of Par’s R&D infrastructure and reinforces our strategy to provide long-term sustainable growth. Anchen has an excellent development track record and robust product pipeline, which, when combined with Par’s existing capabilities and pipeline, more than doubles our product opportunities.”
 
The acquisition, subject to customary conditions, is expected to close by the end of the year.