Par Pharmaceutical commences shipment of modafinil tablets

Par Pharmaceutical Companies, Inc. (NYSE: PRX) today announced that it began shipping all strengths of modafinil tablets, a generic version of Teva's Provigil® brand. 

Par's initial shipments will comprise generically-labeled presentations of the Provigil® product.  Par acquired the U.S. marketing rights to modafinil from Teva in connection with Teva's acquisition of Cephalon in 2011.  According to IMS Health data, annual sales in the U.S. for Provigil are approximately $1.1 billion.