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Endo International to buy Par Pharmaceutical for about US$8b

[BENGALURU] Endo International Plc said it would buy Par Pharmaceutical Holdings Inc from private equity firm TPG Capital for about US$8 billion, including debt, to become a top-five global generic drugmaker Dublin-based Endo's shares rose 3 per cent to US$88.05 in light premarket trading on Monday.

Endo's offer consists of about 18 million shares and US$6.50 billion in cash, the company said.

Par Pharmaceutical was acquired by TPG Capital for US$1.9 billion in 2012 following pressure from activist firm Relational Investors LLC to sell itself.

The company, which filed with US regulators in March for an initial public offering of common stock, had debt of US$2.35 billion as of March 31.

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Par operates through its generics division, Par Pharmaceutical, and its proprietary products division, Strativa Pharmaceuticals.

Endo said it had secured financing from Deutsche Bank and Barclays to fund the cash consideration.

Barclays, Deutsche Bank and Houlihan Lokey are Endo's financial advisers while JP Morgan is financial adviser to Par.