Ireland's Endo to buy Par Pharmaceuticals for $8.05bn
Ireland's Endo International plc announced on Monday it will acquire generic drugmaker Par Pharmaceutical from US Texas-based private equity firm TPG Capital in a deal worth $8.05bn.
Endo International Plc
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22:15 20/03/17
The company will pay with 18m Endo shares and $6.50bn in cash via "secured fully committed financing" from Deutsche Bank and Barclays.
The combination will create a business among the top 5 as measured by US sales
The combination will create “a leading specialty pharmaceutical company with a generics business that is one of the industry's fastest growing and among the top five as measured by US sales,” both companies said in a statement.
“We believe the acquisition of Par underscores the continued execution of Endo's value-driven M&A strategy and helps deliver on our goal of achieving double-digit revenue growth for the overall business over the long-term,” said Rajiv De Silva, President and CEO of Endo.
“This is an exciting time of growth and opportunity in the generics and specialty pharmaceutical arenas. Par Pharmaceutical is committed to significantly expanding our scope, capacity and capabilities to realize the maximum value of our rich and diversified product portfolio and R&D pipeline. We believe our combination with Endo best positions us to do so," said Par Pharmaceutical´s CEO Paul Campanelli.
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