Woodcliff Lake, NJ, August 9, 2007 — Par Pharmaceutical Companies, Inc. (NYSE:PRX) today announced that Patrick G. LePore has been elected chairman of the company’s Board of Directors, and Joseph E. Smith has been named lead director.

Mr. LePore joined Par’s Board in May 2006 and has been the company’s president and chief executive officer since September 2006. Mr. LePore succeeds John D. Abernathy as chairman. Mr. Abernathy, who joined the board in 2001, is the longest-tenured director and will remain a member of the board.

Mr. Smith, a retired executive with more than 30 years’ experience in the pharmaceutical industry, has been a member of Par’s board since 2004. Prior to his retirement in 1997, he held various leadership positions with Warner-Lambert Company. He was corporate executive vice president and a member of the office of the chairman and management committee.  In 1989, after three years as president of Rorer Pharmaceutical Corporation, he joined Warner-Lambert, where his responsibilities included serving as president of Parke-Davis pharmaceuticals. Mr. Smith began his career with Johnson & Johnson, where he held various marketing and general management positions from 1965-85.

“We’re fortunate and grateful for the steady guidance John and Joe have provided our board,” Mr. LePore said, “and we look forward to their continuing counsel as the company grows both of its core businesses.”

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.

Investor contact:
Stephen J. Mock

Media contact:
Peter Wolf
Par Pharmaceutical Companies, Inc.
(201) 802-4000