Par Pharmaceutical acquires Edict

Par Pharmaceutical Companies, Inc. (NYSE: PRX) announced today that it has completed the acquisition of privately-held Edict Pharmaceuticals Private Limited, an India-based developer and manufacturer of generic pharmaceuticals. Par paid $20.5 million at closing and $4.4 million repayment of certain pre-close indebtedness.

Edict 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 products. Edict currently has 11 ANDAs filed with the U.S. FDA.

In connection with the closing of the acquisition, the previously-disclosed lawsuit by a former shareholder of Edict, Gavis Pharma LLC, was settled by the payment of a portion of the closing proceeds to Gavis by an Edict shareholder.