Second acquisition of a privately held generics manufacturer this year
Par Pharmaceutical has agreed to buy Anchen Pharmaceuticals, a privately held developer of extended release and generic drugs, for US$410m in cash, increasing its pipeline and enhancing its r&d platform.
Anchen has five commercialised products, 27 ANDAs on file with the US FDA, five of which are believed to be first-to-file, and approximately 26 additional products in development.
The Irvine, California-based firm, which employs 218 people, anticipates launching 8–10 niche generic products over the next two years. It has more than 72,000ft2 of expandable manufacturing and warehouse facilities with state-of-the-art equipment.
‘Anchen has an excellent development track record and robust product pipeline, which, when combined with Par's existing capabilities and pipeline, more than doubles our product opportunities,’ said Patrick LePore, chairman, ceo and president of Par Pharmaceutical Companies.
Par intends to finance the deal with cash on hand and a $350m term loan.
The acquisition is subject to customary conditions and approvals and is expected to close by the end of the year.
This is Par’s second acquisition this year, adding to the $37.6m purchase in May of India-based Edict Pharmaceuticals, which is also a privately held developer and manufacturer of generic drugs.