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news.Par Pharmaceutical Companies is set to take over Edict Pharmaceuticals for up to $37.6m in cash and Par's repayment of certain additional pre-close indebtedness.
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Edict Pharma is an India-based developer and manufacturer of solid oral dosage generic pharmaceuticals.
With this acquisition, Par expects to strengthen its R&D business and enhance its manufacturing capacities.
Par president Paul Campanelli said this transaction enhances Par’s research and development infrastructure and demonstrates Par’s intention to continue to build out product development platform.
"Also, Edict’s facility adds significant operational capacity and provides business continuity protection for our Spring Valley, NY facility," Campanelli said.
The US based Par Pharmaceutical Companies, through its wholly-owned subsidiary’s two operating divisions, Par Pharmaceutical and Strativa Pharmaceuticals, develops, manufactures and markets high barrier-to-entry generic drugs and niche proprietary pharmaceuticals.
Par expects to complete the transaction by the end of the year.