Par Pharmaceutical Cos. will acquire India-based generic drug maker Edict Pharmaceuticals for up to $37.6 million.
The company expects the deal to close by the end of the year and add to earnings in 2013.
Par, itself a maker of generic drugs, has also been moving into the branded pharmaceutical market by developing updated versions of off-patent drugs.
Privately held Edict develops and manufactures solid oral dosage generic drugs with a focus on niche first-to-file, first-to-market formulations. The company has eight abbreviated new drug applications awaiting approval from the U.S. Food and Drug Administration, one application filed in the name of a development partner and 14 products in development.
Par President Paul V. Campanelli said the drug maker has a long-standing relationship with Edict Chief Executive Muthusamy Shanmugan after the two companies collaborated on numerous current Par products.
Source: WSJ