Par to be acquired by investment firm

WOODCLIFF LAKE, N.J. — An affiliate of private investment firm TPG will acquire Par Pharmaceutical Cos., the drug maker said Monday.



Par said it had entered into an agreement to be acquired for $1.9 billion. Par shareholders will receive $50 per share, representing a 37% premium over the company's Friday closing price.



"We are excited about this transaction as it delivers compelling value to our shareholders," Par chairman and CEO Patrick LePore said. "While my focus and that of the Par board of directors was on shareholder value, we are very pleased that Par will be acquired by TPG, a leading global private investment firm whose substantial resources and healthcare experience will enable Par to continue to invest in its future long-term growth."

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