19. Par Pharmaceutical

2014 Generics Sales: $1.2 billion +20%
Worldwide Market Share: 1.6%

Par Pharmaceutical has been on a fast track to growth since selling out to private equity firm TPG in 2012 for $1.9 billion. The company, which analysts once deemed deal bait for generics rivals, has grown by leaps and bounds the past few years, something that did in fact attract a recent buyout offer from Endo Pharmaceuticals ($ENDP).

Par has posted a compound annual revenue growth rate of 12.2% over the last three years including a 19.2% top-line jump in 2014. Par recorded $1.3 billion in revenue last year, with launches of copycat versions of AstraZeneca's ($AZN) Rhinocort Aqua nasal spray, Bristol-Myers Squibb's ($BMY) hep B med Baraclude and Covis Pharma's heart drug Lanoxin pitching in sales.

Recent deals also helped Par make its ascent. In January 2014, the generics maker shelled out $490 million for specialty pharma JHP Pharmaceuticals to get its hands on the company's portfolio of branded and generic injectable drugs. Sterile injectables are all the rage these days, and Par figured the acquisition would yield immediate returns, CEO Paul Campanelli said at the time.

"The acquisition of JHP immediately expands Par's presence in the rapidly growing market for injectables. … JHP represents a perfect complement to Par's strategy and product line," Campanelli said at the time.

The deal was enough to attract the attention of Endo, which came knocking with an $8 billion offer in May 2015 after Par abandoned its plans to go public. As part of the deal, Dublin-based Endo will fork over 18 million shares and $6.5 billion in cash in a deal already approved by both companies' boards. And Par will hand Endo 100 "attractive gross margin" products, including its growing injectables portfolio, Endo CEO Rajiv De Silva said at the time of the acquisition.

-- Emily Wasserman (email | Twitter)

For more:
Endo plans $1.75B stock sale to help cover Par buy
Endo scoops up Par Pharma for $8B to gain ground in injectables
Newly beefed-up Par Pharma files for an IPO
Par Pharma nabs injectables specialist JHP for $490M in private-equity auction
No more bids for Par Pharma, so $1.9B deal with TPG stands

19. Par Pharmaceutical

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