TPG acquires Par Pharmaceutical Companies

Par Pharmaceutical Companies, Inc., and TPG today announced the completion of Par's acquisition by certain affiliates of TPG.

"This transaction has delivered significant value to our shareholders and is a strong endorsement of our business model, our team, and our unique position in the generic industry," said Patrick G. LePore, Par's Chairman of the Board.  "As a private company, Par will have greater flexibility to pursue its longer term goals.  TPG's long-term orientation and access to additional capital will help support the continued growth and success of the Par franchise."

"We are delighted to be working with the talented Par management team. We have a strong appreciation for the distinct and attractive market position that Par enjoys and are enthusiastic about the prospects for the business going forward," said Todd B. Sisitsky, partner at TPG.

Pursuant to the terms of the merger agreement, Par's stockholders are entitled to receive $50.00 in cash, without interest, less any applicable withholding taxes, for each share of Par common stock owned by them. As a result of the merger, Par's common stock will no longer be listed for trading on the New York Stock Exchange.

Stockholders of record holding certificated shares will receive a letter of transmittal and instructions on how to surrender their shares of Par common stock in exchange for the merger consideration. Stockholders of record should wait to receive the letter of transmittal before surrendering their shares.