WOODCLIFF LAKE, N.J. — Par Pharmaceutical Cos. will acquire Anchen Pharmaceuticals for $410 million, Par said Wednesday.
Based in Irvine, Calif., Anchen is a privately owned generic drug maker that expects to launch eight to 10 new generic drugs over the next two years. Par plans to finance the acquisition with a $350 million term loan and cash it already has.
"This transaction accelerates the expansion of Par's research and development infrastructure and reinforces our strategy to provide long-term, sustainable growth," Par president, chairman and CEO Patrick LePore said. "Anchen has an excellent development track record and robust product pipeline, which, when combined with Par's existing capabilities and pipeline, more than doubles our product opportunities."