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Par buys Anchen in $410m deal

US-based Par Pharmaceutical is to purchase generic medicines manufacturer Anchen Pharmaceuticals

Par Pharmaceutical Companies is to acquire Anchen Pharmaceuticals, a privately owned speciality pharmaceutical company focused on developing and commercialising extended release and niche generic products, for $410m (€283.6m) in cash.

California-based Anchen has five commercialised products, 27 abbreviated new drug applications (ANDAs) on file with the US Food and Drugs Administration (FDA), five of which are believed to be first-to-file and has 26 additional products in development. Anchen also anticipates launching up to 10 niche generic products during the next two years.

Patrick G LePore, chairman, chief executive and president of Par, said: "This transaction accelerates the expansion of Par's research and development 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 is subject to conditions and approvals and is expected to be complete by the end of the year.

25th August 2011

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