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SPRING VALLEY, N.Y., Dec. 16 /PRNewswire-FirstCall/ -- Par Pharmaceutical
Companies, Inc. (NYSE: PRX) today announced that it has been assigned Ivax
Corporations U.S. distribution rights for various dosage forms of the
immediate release antibiotics amoxicillin/clavulanate potassium and
amoxicillin. These products will be supplied by a GlaxoSmithKline subsidiary
and are fully substitutable for corresponding formulations of Augmentin(R),
Augmentin ES-600(R) and Amoxil(R). The assignment of these product rights
will become effective on December 19, 2005. Par believes that this
transaction could add approximately $.30 to the companys diluted earnings per
share in 2006.
Par Pharmaceutical Companies, Inc. develops, manufactures and markets
generic pharmaceuticals through its principal subsidiary, Par Pharmaceutical,
Inc. The company is also developing an additional line of branded
pharmaceutical products, the first of which is Megace(R) ES, for specialty
markets. Par currently manufactures, markets or licenses more than 90
prescription drugs. For press release and other company information, visit
http://www.parpharm.com.
Certain statements in this press release constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. To the extent any statements made in this news release contain
information that is not historical, these statements are essentially
forward-looking and are subject to risks and uncertainties, including the
difficulty of predicting FDA filings and approvals, acceptance and demand for
new pharmaceutical products, the impact of competitive products and pricing,
new product development and launch, reliance on key strategic alliances,
uncertainty of patent litigation filed against us, availability of raw
materials, the regulatory environment, fluctuations in operating results and
other risks and uncertainties detailed from time to time in the Companys
filings with the Securities and Exchange Commission, such as the Companys
Form 10-K, Form 10-Q, and Form 8-K reports.
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