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Par Pharmaceutical Closed Acquisition Of Privately Held Edict - Quick Facts

2/17/2012 4:26 PM ET

Generic drug maker Par Pharmaceutical Companies Inc. (PRX: Quote) said Friday it has completed the acquisition of privately-held Edict Pharmaceuticals Private Limited.

Par, based in New Jersey, said it paid $20.5 million at closing and $4.4 million repayment of certain pre-close indebtedness.

India-based Edict is a developer and manufacturer of solid oral dosage generic pharmaceuticals company, and currently has 11 ANDAs filed with the U.S. FDA.

In connection with the closing of the deal, a lawsuit by a former shareholder of Edict, Gavis Pharma LLC, was settled by the payment of a portion of the closing proceeds to Gavis by an Edict shareholder.

Par Pharmaceutical Companies Inc., is through its wholly-owned subsidiary's two operating divisions, Par Pharmaceutical and Strativa Pharmaceuticals, develops high barrier-to-entry generic drugs and innovative proprietary pharmaceuticals.

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by RTT Staff Writer

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