Adds sterile injectable products to its portfolio
Par Pharmaceutical Companies is to buy acquire JHP Group Holdings, the parent company of JHP Pharmaceuticals, a manufacturer of sterile injectable products for US$490m.
New Jersey-based JHP manufactures and sells branded and generic aseptic injectable pharmaceuticals in hospital and clinical settings, and provides contract manufacturing services for pharmaceutical companies worldwide. The company currently markets 14 injectable products, including Aplisol and Adrenalin.
JHP’s 171,000ft2 sterile manufacturing facility in Rochester, Michigan, can manufacture small-scale clinical through to large-scale commercial products.
The acquisition of JHP immediately expands Par’s presence into the rapidly growing market for injectables
Paul Campanelli, Chief Executive of Par Pharmaceutical Companies, said: 'The acquisition of JHP immediately expands Par’s presence into the rapidly growing market for injectables. With their high-barrier-to-entry products, JHP represents a perfect complement to Par’s strategy and product line.'
Stuart Hinchen, co-founder and Chief Executive of JHP, added: 'Par has deep experience in generic pharmaceuticals and is ideally suited to drive the next stage of growth and expansion of JHP. Par and JHP also share a dedication to quality and a common entrepreneurial culture.'
The acquisition is subject to customary conditions and approvals and is expected to complete the transaction in the first quarter 2014.
Par is a portfolio company of TPG, a leading global private investment firm with $55.7bn of assets under management and with extensive experience in the healthcare sector.