Par Pharmaceutical Acquires Three Generic Products From Teva Pharmaceuticals

WOODCLIFF LAKE, N.J., Oct. 18, 2011 /PRNewswire/ -- Par Pharmaceutical Companies, Inc. (NYSE: PRX) announced today that it acquired rights to three products from Teva Pharmaceuticals in connection with Teva's acquisition of Cephalon.  Under terms of the agreement, Par will own the ANDAs of fentanyl citrate lozenges, a generic version of Actiq®, and cyclobenzaprine ER capsules, the generic version of Amrix®, as well as the U.S. rights to market modafinil tablets, the generic version of Provigil®.

According to IMS Health data, annual sales in the U.S. for Actiq® and the equivalent generic products are $173 million.  Annual sales in the U.S. for Provigil® and Amrix® are approximately $1.1 billion and $125 million, respectively.

Par is currently shipping to the trade all strengths of fentanyl citrate lozenges that were previously available from Teva.  Cyclobenzaprine ER capsules and modafinil tablets were not previously marketed by Teva and are not yet available.

About Par Pharmaceutical Companies, Inc.

Par Pharmaceutical Companies, Inc. is a US-based specialty pharmaceutical company. Through its wholly-owned subsidiary's two operating divisions, Par Pharmaceutical and Strativa Pharmaceuticals, it develops, manufactures and markets high barrier-to-entry generic drugs and niche, innovative proprietary pharmaceuticals. For press release and other company information, visit www.parpharm.com.

Safe Harbor Statement

Certain statements in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  To the extent any statements made in this news release contain information that is not historical, these statements are essentially forward-looking and, as such, are subject to known and unknown risks, uncertainties and contingencies, many of which are beyond the control of the Company, which could cause actual results and outcomes to differ materially from those expressed herein.  Risk factors that might affect such forward-looking statements include those set forth in Item 1A of the Company's most recent Annual Report on Form 10-K, in other of the Company's filings with the SEC from time to time, including Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and on general industry and economic conditions.  Any forward-looking statements included in this news release are made as of the date hereof only, based on information available to the Company as of the date hereof, and, subject to any applicable law to the contrary, the Company assumes no obligation to update any forward-looking statements.

SOURCE Par Pharmaceutical Companies, Inc.