Ropes & Gray Advises TPG on $1.9 Billion Acquisition Agreement for Par Pharmaceutical
A team of Ropes & Gray attorneys advised TPG on the private investment firm’s $1.9 billion acquisition agreement for Par Pharmaceutical Companies, Inc. (“Par”) announced on July 16. Under the terms of the agreement, Par shareholders will receive $50.00 in cash for each share of Par common stock, representing a premium of approximately 37 percent over the closing share price on July 13, the last full trading day before the transaction announcement. The agreement was unanimously approved by Par's board of directors.
Par is a U.S.-based specialty pharmaceutical company that develops, manufactures and markets high-barrier-to-entry generic drugs and niche, innovative proprietary pharmaceuticals. The closing of the transaction is conditioned upon the affirmative vote of the holders of a majority of Par's outstanding shares and other customary closing conditions.
The Ropes & Gray team was led by corporate partner Will Shields in Boston and debt finance partner Jay Kim in New York.