TPG and Par Pharmaceutical have announced the completion of Par's purchase by certain TPG affiliates.
According to the merger agreement, Par's stockholders are eligible to earn $50.00 in cash, without interest, less any applicable withholding taxes, for each share of Par common stock owned by them.
Because of the merger, Par's common stock will not be listed for trading on the New York Stock Exchange.
Par board chairman Patrick LePore said the transaction has delivered significant value to the company's shareholders.
"As a private company, Par will have greater flexibility to pursue its longer term goals. TPG's long-term orientation and access to additional capital will help support the continued growth and success of the Par franchise," LePore added.
Par Pharmaceutical and Strativa Pharmaceuticals, wholly-owned subsidiaries of Par Pharmaceutical Companies, develops, manufactures and markets generic drugs.
TPG partner Todd Sisitsky said, "We have a strong appreciation for the distinct and attractive market position that Par enjoys and are enthusiastic about the prospects for the business going forward."
