Woodcliff Lake, NJ, August 2, 2007 — Par Pharmaceutical Companies, Inc. (NYSE:PRX) today announced that it has entered into a stock purchase agreement to acquire an equity interest in IntelliPharmaCeutics Ltd., a Delaware company. The stock purchase represents a 4.2 percent equity interest in IntelliPharmaCeutics, the operating company with which Par has entered into a separate agreement to collaborate in the development and marketing of four controlled release generic drug products. The four products will be developed by IntelliPharmaCeutics, a Toronto-based specialty pharmaceutical company with which Par previously has entered into single-product agreements covering the development and marketing of two controlled release generic drug products.
Paul V. Campanelli, president of Par’s Generics Division, said: “Par’s ongoing collaboration with IntelliPharmaCeutics is productive and promising, already resulting in the filing of an Abbreviated New Drug Application (ANDA) for a generic version of a controlled release product earlier this year. This expanded collaboration speaks to the effectiveness of our complementary capabilities, and we look forward to working with our partners and building on our success in this new venture.”
Under the terms of the agreement, IntelliPharmaCeutics will develop the controlled release
products and Par will provide development, regulatory and legal support for the applications. IntelliPharmaCeutics will be eligible to receive development and post-launch milestone payments. Par will have exclusive rights to market, sell and distribute the products in the U.S., and receive a majority share of the profits from the sales of each product.
About IntelliPharmaCeutics
IntelliPharmaCeutics is a drug delivery innovator and developer, specializing in the controlled and targeted once-a-day delivery of oral, solid dose pharmaceutical products. The company utilizes proprietary, patented and proven drug delivery technologies to formulate both generic and new drug products with enhanced performance characteristics. In addition to its pre-clinical portfolio, IntelliPharmaCeutics has an extensive pipeline of development products in clinical trials, in therapeutic areas that include neurology, cardiovascular, GIT, pain and infection. For more information, visit www.intellipharmaceutics.com
About Par
Par Pharmaceutical Companies, Inc. develops, manufactures and markets generic drugs and innovative branded pharmaceuticals for specialty markets. For press release and other company information, visit www.parpharm.com.
Safe Harbor Statement
Certain statements in this press 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 risks and uncertainties, including the extent and impact of litigation arising out of the accounting issue described in this and prior public announcements, including the lawsuit brought against the company by the trustee for the company’s Senior Subordinated Convertible Notes seeking an accelerated payment of the $200 million of principal of and accrued interest on the notes or, in the alternative, damages, the difficulty of predicting FDA filings and approvals, acceptance and demand for new pharmaceutical products, the impact of competitive products and pricing, new product development and launch, reliance on key strategic alliances, uncertainty of patent litigation filed against the company, availability of raw materials, the regulatory environment, fluctuations in operating results and other risks and uncertainties detailed from time to time in the company's filings with the Securities and Exchange Commission (SEC), such as the company’s reports on Form 10-K, Form 10-Q, and Form 8-K, and amendments thereto. The company can make no assurance as to the potential effects of the restatement, including the effects of any investigations, informal or otherwise, conducted by the SEC, or other entities, or lawsuits filed against the company in connection therewith. Any forward-looking statements included in this press release are made as of the date here of 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.
Investor contact:
Stephen J. Mock
Media contact:
Peter Wolf
Par Pharmaceutical Companies, Inc.
(201) 802-4000
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