Par Pharma acquires generic drugmaker for $37.6M
Generic drug developer Par Pharmaceutical Companies Inc. said Monday it will buy privately held Edict Pharmaceuticals for up to $37.6 million in cash.
Par said Edict, based in Chennai, India, makes solid, oral dose generic drugs. It has seven abbreviated new drug applications filed with the U.S. Food and Drug Administration and 14 more products in development.
Abbreviated new drug applications are requests for FDA approval for a generic version of a drug that is already on the market.
Par, based in Woodcliff Lake, N.J., expects to complete the deal by year-end. The company's stock fell 59 cents to $33.46 in late-morning trading.