Par Enters Generic Injectable Market Via JHP Buy
This article was originally published in The Pink Sheet Daily
The generics maker is expanding its portfolio of reformulations through the acquisition of privately-held JHP in a deal worth $490 million, expected to close in short order.
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Par will pay $45 million for off-label promotion of Megace ES and enter a corporate integrity agreement that restricts incentive compensation for sales reps; the firm also drops its suit against FDA and removes descriptions of conversations with government officials from its court filings.
Par will be acquired by private equity firm TPG in $1.9 billion deal if no other suitors come forward with a better offer over the next month.
Two companies in the biopharma space began trading publicly this week, one to pay off debt, the other to fund an early-stage pipeline.