Endo International To Acquire Par Pharma; Deal Valued At $8.05 Bln - Quick Facts

(RTTNews) - Endo International plc (ENDP, ENL.TO) and Par Pharmaceutical Holdings, Inc. announced a definitive agreement under which Endo will acquire Par from TPG in a transaction valued at $8.05 billion, including assumption of Par debt. The purchase price will consist of approximately 18 million shares ($1.55 billion of value) of Endo equity and $6.50 billion cash consideration to Par shareholders.

Par Pharmaceutical is a privately-held company that was acquired through a take-private transaction by an affiliate of TPG in 2012. Par Pharma's pipeline consists of more than 200 ANDAs, 115 of which were filed with the U.S. FDA as of December 31, 2014. Endo noted that the Par R&D pipeline could generate approximately 20 to 25 ANDA filings each year in 2015, 2016 and 2017.

Endo said the combination will create a specialty pharmaceutical company with a generics business, which is expected to help drive long-term double-digit revenue growth for Endo. The company expects the deal to be accretive to adjusted earnings per share within the first 12 months after transaction close and result in double-digit accretion to adjusted diluted EPS in full year 2016. For 2016, Endo anticipates that EBITDA generated by Par will translate into a transaction multiple of approximately 10 to 11 times pro forma adjusted EBITDA on a post-synergized basis.

Par CEO Paul Campanelli will join the company to lead generics business and will join Executive Leadership Team. The transaction is anticipated to close in the second half of 2015.