TPG Capital to acquire Par Pharmaceutical for $1.9 billion
16 Jul 2012
TPG Capital, a US-based private equity firm that focuses on leveraged buyouts, today announced plans to acquire Par Pharmaceutical Cos Inc, for $1.9 billion.
Under the deal that has been approved by Par's board of directors, TPG Capital will pay $50 per share in cash, a premium of around 37 per cent to Par's closing share price on 13 July.
The deal also has a clause that allows Par to solicit superior proposals until 24 August 2012, and if there is no better rival offer, TGP expects the transaction to close in 2012.
New Jersey-based Par is a specialty pharmaceutical company and is the fifth largest generic pharmaceutical company in the US.
It develops, manufactures and markets high-barrier-to-entry generic drugs and niche, innovative proprietary pharmaceuticals.
It also has a branded drugs division, Strativa Pharmaceuticals, which makes vitamin B12 nasal spray and appetite stimulant drugs.