Par Pharmaceutical ($PRX) is adding to its stable of generic meds with a $410 million buyout. The deal with Anchen Pharmaceuticals will bring 5 marketed products and another 27 awaiting approval from FDA. Privately held, Anchen focuses on extended release generics and niche knockoff drugs, the company said in a statement.
Based in Irvine, CA, Anchen expects to launch 8-10 generics over the next two years, Par said, and 5 of its pending FDA apps cover drugs that are believed to have first-to-file status--and the coveted 180-day exclusivity that goes along with it.
But Anchen's attractions aren't just its products. The company's manufacturing capacity and "state-of-the-art equipment," not to mention R&D capabilities, are key to the deal, too. All this, "combined with Par's existing capabilities and pipeline, more than doubles our product opportunities," CEO Patrick LePore said in a statement.
The deal will be financed with cash on hand, plus a $350 million loan. Par expects Anchen to add to earnings immediately. It's the company's second buyout this year, Reuters notes, after a $37.6 million deal to buy India's Edict Pharmaceuticals.
- see the release from Par
- get more from Reuters