Par acquires generic specialist

 

Par Pharmaceutical has entered into a definitive agreement to acquire Anchen Pharmaceuticals in a cash deal worth $410 million.

California-based Anchen currently has five commercialised products, 27 Abbreviated New Drug Applications with the FDA – five believed to be first-to-file – and a further 26 products in development.

Patrick G. LePore, Chairman, CEO and President of Par, says the takeover will expand the company’s “research and development infrastructure” which will double “our product opportunities”.

Anchen, who currently employ more than 200 staff at its state-of-the-art manufacturing and warehouse facility, anticipates launching 8-10 niche generic products by 2013.

Mr LePore added: “Anchen also shares Par’s highly entrepreneurial culture and cost-efficient approach to product development, which should allow for a seamless integration.”

Par expects the transaction to be completed by the end of the year.