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
Founded in 1978
Par Pharmaceutical Companies Inc. and Par Pharmaceutical Inc. Enter into Amendment No. 6 to the Amended Credit Agreement
Feb 25 15
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
Feb 10 15
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
Feb 3 15
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.