Endo completes acquisition of Par Pharmaceutical
DUBLIN — Endo International has completed its more than $8 billion acquisition of Par Pharmaceuticals, the company announced Monday. As a result of the cash-and-stock acquisition — which Endo said adds a quickly growing generics portfolio to its specialty offerings — the company has updated its financial guidance for the year.
"The acquisition of Par has transformed our business, expanding Endo's overall corporate profile, scope and size and establishing a powerful platform for future M&A,” Endo CEO and president Rajiv De Silva said. “With the Par addition to our already-growing base business, we believe we are positioned to deliver strong financial results through the remainder of 2015.”
Now the company expects total revenue between $720 million and $740 million, for the third quarter and projected yearly revenue of $3.22 billion and $3.27 billion.
“We believe Par will further position us to deliver strong financial results in 2016, based on projected double-digit underlying revenue growth, strong and rapid synergy capture and additional benefits from our tax strategy,” De Silva said.
Par will now be known as Par Pharmaceutical, an Endo International Company and will be headed by former Par CEO Paul Campanelli, who will assume the role of group president for the company.
“I am excited to be joining Endo along with key members of the Par team,” Campanelli said. “We look forward to helping realize the full potential of this new — and highly specialized — generics business.”
Dr. Reddy’s rolls out generic Nexium
HYDERABAD, India — Dr. Reddy’s Laboratories on Monday unveiled its latest generic offering, launching its generic Nexium (esomeprazole) delayed-release capsules.
Its version of the drug — intended to treat gastroesophageal reflux disease, stomach ulcers and a damaged esophagus — will be available in 20- and 40-mg dosage strengths and 30-count bottles.
Nexium saw U.S. sales of about $5.2 billion, according to IMS Health data for the year ending July 2015.