Par pays $5.3 mil. to three Quad execs
Executive Summary
To complete acquisition of its injectables subsidiary. Par announced May 29 that it has finalized the acquisition of the 40% minority interest in Quad previously held by Quad's Senior VP-Secretary Raja Feroz, Senior VP-Treasurer Dulal Chatterji and Exec VP Asrar Burney. The agreement in principle was announced in April. The approximately $5.3 mil. transaction involves "$2 mil. in cash, $1 mil. in Quad notes payable over a four-year period, and 408,165 shares of Par stock" valued at $5.63 per share, Par said. The resignation of the three execs, upon the closing of the deal, clears the way for Par's new management to oversee the resolution of Quad's regulatory problems arising from the generic drug scandal.
You may also be interested in...
California Court’s Inaction On TiO2 Prop 65 First Amendment Case Breeds New Lawsuits
The Personal Care Products Council seeks to stem the rising tide of titanium dioxide Proposition 65 lawsuits, requesting that a California court prohibit the state’s Attorney General and private enforcers from filing and/or prosecuting new suits against cosmetics companies failing to warn about potential TiO2 exposure.
Kenvue Breaks Ground On New Headquarters, Appoints Chief Corporate Affairs Officer
Firm hosts groundbreaking for 290,000 square-foot global headquarters it’s having built in Summit, NJ, starting with 100,000 square-foot science and innovation and expected to open in 2025. It announced adding Russell Dyer as chief corporate affairs officer starting 13 March.
Xaira Launches With $1bn-Plus And End-To-End AI Strategy
ARCH and Foresite incubated the company and recruited Genentech R&D veteran Marc Tessier-Lavigne to keep data generation, machine learning research and drug development under one roof.