Par Pharmaceutical files for IPO
Par Pharmaceutical Holdings has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) relating to a proposed initial public offering of its common stock. The number of shares to be offered by Par Pharmaceutical and its shareholders, and the price range for the offering, have not yet been determined.
The S-1 filing said it is aiming to raise about $100 million. Par expects to use the net proceeds to repay a portion of its existing long-term debt and for general corporate purposes.
The registration statement has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective.
Par Pharmaceutical is wholly owned by private equity company TPG Capital. It is a Chestnut Ridge, N.Y., specialty pharma that develops, manufactures and markets safe, innovative and cost-effective pharmaceuticals to help improve patient quality of life. Par Pharmaceutical offers a line of high barrier-to-entry generic drugs, while Par Specialty Pharmaceuticals (formerly Strativa Pharmaceuticals) provides niche, innovative brands. Par Sterile Products develops, manufactures and markets both branded and generic aseptic injectable pharmaceuticals.