TPG-backed Par Pharmaceutical to Be Acquired by Endo in $8B Deal
May 19, 2015
Par Pharmaceutical, purchased by TPG for $1.9 billion in 2012, has entered into a definitive agreement to be acquired by Endo (NASDAQ: ENDP) in a transaction valued at $8.05 billion, including debt. Founded in 1978, Par develops generic drugs, as well as proprietary pharmaceuticals, with more than 80 products available and nearly 120 awaiting regulatory approval. The purchase price will consist of about 18 million shares of Endo equity and a $6.5 billion cash consideration to Par shareholders. Endo, which expects to implement a permanent capital structure to finance the transaction prior to its close, has secured fully committed financing from Deutsche Bank and Barclays to fund the cash consideration. The deal is anticipated to close in 2H.