March 03, 2015 2:20 PM ET

Pharmaceuticals

Company Overview of Par Pharmaceutical Companies Inc.

Company Overview

Par Pharmaceutical Companies, Inc. is engaged in developing, licensing, manufacturing, marketing, and distributing generic and branded drugs in the United States. It operates in two segments, Generic Pharmaceuticals and Branded Pharmaceuticals. The Generic Pharmaceuticals segment markets authorized generics, including metformin ER, glyburide and metformin HCl, fluticasone, and ranitidine HCl syrup, as well as metoprolol succinate ER, budesonide, and rizatriptan. This segment also markets pharmaceutical products, including Lamictal XR, Luvox CR, Focalin XR, RythmolSR, and Provigil. This segment serves wholesalers, drug store chains, supermarket chains, mass merchandisers, distributors, mail o...

300 Tice Boulevard

Woodcliff Lake, NJ 07677

United States

Founded in 1978

978 Employees

Phone:

201-802-4000

Key Executives for Par Pharmaceutical Companies Inc.

Chief Executive Officer, Director and Chief Executive Officer of Sky Growth Holdings Corporation
Age: 52
Chief Financial Officer, Principal Accounting Officer, Executive Vice President, Treasurer and Director
Age: 56
Chief Operating Officer
Chief Commercial Officer
Age: 57
Secretary and Deputy General Counsel
Compensation as of Fiscal Year 2014.

Par Pharmaceutical Companies Inc. Key Developments

Par Pharmaceutical Companies Inc. and Par Pharmaceutical Inc. Enter into Amendment No. 6 to the Amended Credit Agreement

On February 20, 2015, Par Pharmaceutical Companies Inc. entered into amendment No. 5 among the company, the lenders party thereto, and Bank of America, N.A., as administrative agent, which amends the exiting credit agreement dated as of September 28, 2012, as amended by amendment No. 1, dated as of February 6, 2013, amendment No. 2, dated as of February 20, 2013, amendment No. 3, dated as of February 28, 2013, and amendment No. 4, dated as of February 20, 2014, among the company, its subsidiary, Par Pharmaceutical Inc., Sky Growth Intermediate Holdings II Corporation, certain subsidiaries of the company party thereto, Bank of America, as administrative agent, swing line lender and L/C issuer, each lender from time to time party thereto, and the other parties from time to time party thereto. On February 25, 2015, the company entered into amendment No. 6 among the borrowers, holdings, certain subsidiaries of the company party thereto, Bank of America, as administrative agent and incremental term lender. Amendment No. 5, which was effective as of February 25, 2015, increased the first lien net leverage levels included in the financial maintenance covenant, which covenant only applies to the extent there are revolving loans, swing line loans or letters of credit outstanding. Amendment No. 6 authorized the funding of a new tranche of term loans in an aggregate principal amount of $425 million. The terms of term B-3 loans are substantially the same as the terms of the existing term B-2 loans, except that the interest rate margins applicable to term B-3 loans are 3.25% for LIBOR and 2.25% for base rate, a 25 basis point increase compared to the term B-2 loans and the term B-3 loans are subject to a soft call provision applicable to the optional prepayment of the loans which requires a premium equal to 1.00% of the aggregate principal amount of the loans being prepaid if, on or prior to August 25, 2015, the company enters into certain re-pricing transactions. Additionally, all voluntary and mandatory prepayments of outstanding term loans must be made pro rata among the term B-3 loans and the term B-2 loans. Borrowings under the term B-3 loans were used to pay a $494.3 million cash dividend to stockholders of the indirect parent of the company.

Par Pharmaceutical Companies Inc. Provides Earnings Guidance for the Year Ended December 31, 2014

Par Pharmaceutical Companies Inc. provided earnings guidance for the year ended December 31, 2014. For the year, the company anticipates recording revenue of $1,309 million, net loss of $97 million, EBITDA of $183 million and adjusted EBITDA of $473 million.

Salix to Wage a Second Patent Infringement Fight Against Par Pharmaceutical

Raleigh's Salix Pharmaceuticals will again take on a New Jersey generic drug maker in a patent dispute. It's at least the second time for Salix to bring action against the company, called Par Pharmaceutical, and other Triangle drug developers have tussled with Par in the past as well. In September, Salix reached a $100 million settlement claim with Par over ulcer medication Zegerid. Now, Salix says Par infringed on six patents related to Uceris, a treatment for ulcerative colitis Salix inherited with the $2.7 billion acquisition of Santarus. According to Salix, five of the patents covering Uceris expire in 2020 and one expires in 2031. Drug companies like Salix that sell branded drugs rely on patent protection to recoup investments during drug development, a long and costly endeavor. The lawsuit was filed in Delaware's federal district court on Feb. 2.

Similar Private Companies By Industry

Company Name Region
Isagenix International, LLC United States
Nutra Med, Inc. United States
AltheRx Pharmaceuticals Inc. United States
Calva Products Co., Inc. United States
Ceva Holdings Inc. United States

Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
September 8, 2014
Par Pharmaceuticals, Inc., Three Soft Gel ANDA Products
 

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup

Most Searched Private Companies

Company Name Geographic Region
Lawyers Committee for Civil Rights Under Law United States
Bertelsmann AG Europe
NYC2012, Inc. United States
Rush University United States
Citizens Budget Commission United States

Sponsored Financial Commentaries

Sponsored Links

Report Data Issue

To contact Par Pharmaceutical Companies Inc., please visit www.parpharm.com. Company data is provided by Capital IQ. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.