Par Pharmaceutical to Acquire Edict Pharmaceuticals for Up to $37.6M

Par Pharmaceutical Companies, Inc. PRX announced today that it entered into a definitive agreement to acquire privately-held Edict Pharmaceuticals, an India-based 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 Pharmaceuticals is a Chennai, India-based developer and manufacturer of solid oral dosage generic pharmaceuticals with a highly-skilled research and development team and strong product pipeline focused on niche first-to-file, first-to-market formulations. Edict currently has seven ANDAs filed with the U.S. FDA and one ANDA filed in the name of a development partner with an additional 14 products in development.