“This transaction with Par builds upon our generics growth, adding a strong portfolio of high barrier-to-entry and attractive gross margin products while also transforming Endo, creating a powerful corporate platform for future growth and strategic M&A,” said Rajiv De Silva, president and chief executive of Endo. The purchase price will consist of approximately 18 million shares ($1.55bn of value based on the 10-day volume weighted average share price of Endo ending on ) of Endo equity and $6.50bn cash consideration to Par shareholders. There are no further shareholder approvals required. The transaction has been unanimously approved by the boards of directors of Endo and Par, and is supported by the management teams of both companies. Given the complementary nature of the companies’ generics portfolios and operations, Endo estimates the transaction will generate $175m in operational and tax synergies that are expected to be realised within the first 12 months following completion of the transaction, while strategically preserving investment in the R&D pipeline to help drive long-term organic growth. The privately-held Par Pharmaceutical was acquired through a take-private transaction by an affiliate of TPG Capital in 2012. This portfolio is highly profitable with increasing adjusted gross margins. The Par portfolio includes nearly 100 products in multiple dosage forms and delivery systems, including oral solids, oral suspensions, injectables and high barrier-to-entry products. It is also expected to help drive long-term double-digit revenue growth for Endo and provide a broad product pipeline. The Endo/Par 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. announced that they have entered into a definitive agreement under which Endo will acquire the privately-held Par from TPG Capital in a $8.05bn deal. Endo International plc and Par Pharmaceutical Holdings, Inc.
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