Par Pharma to buy Indian generics group Edict for $37.6 million plus debt
US generics and niche drug company Par Pharmaceutical (NYSE: PRX) has entered into a definitive agreement to acquire privately-held Chennai, India-based Edict Pharmaceuticals, a developer and manufacturer of generic pharmaceuticals, for up to $37.6 million in cash and Par's repayment of certain additional pre-close indebtedness. The transaction is expected to be accretive in 2013.
Edict manufactures solid oral dosage generic pharmaceuticals with a highly-skilled R&D team and strong product pipeline focused on niche first-to-file, first-to-market formulations. Edict currently has seven Abbreviated New Drug Applications filed with the US Food and Drug Administration and one ANDA filed in the name of a development partner with an additional 14 products in development.
Strengthens Par's R&D platform and manufacturing capacity
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