Par to Buy Generic Firm Anchen for $410 Million

Par Pharmaceutical Companies Aug. 24 announced it has a definitive agreement to acquire Anchen Pharmaceuticals for $410 million in cash.

Anchen is a privately held specialty company based in Irvine, Calif., that focuses on developing and commercializing extended-release and generic products, Par said. Anchen has five commercialized products, 27 abbreviated new drug applications on file with the Food and Drug Administration, and about 26 additional products in development.

The acquisition is subject to customary conditions and approvals. Par, which is based in Woodcliff Lake, N.J., said it expects to complete the transaction by the end of 2011.