Par To Acquire Edict

Par Pharmaceutical Companies will acquire Edict Pharmaceuticals, a generics company based in India, for as much as $37.6 million in cash and the repayment of certain additional debt. The acquisition, subject to customary closing conditions, is expected to be complete by the end of the year.

Edict Pharmaceuticals develops and manufactures solid oral dosage generic pharmaceuticals. The company currently has seven ANDAs filed with the FDA and one ANDA filed in the name of a development partner, and an additional 14 products in development.

Paul V. Campanelli, president of Par Pharmaceutical, said, “This transaction enhances Par’s already successful research and development infrastructure and demonstrates Par’s intention to continue to build out our product development platform. Also, Edict’s facility adds significant operational capacity and provides business continuity protection for our Spring Valley, NY facility.”