Par to acquire Edict

WOODCLIFF LAKE, N.J. — Generic drug maker Par has inked a definitive agreement to acquire an India-based developer and manufacturer of generic drugs.

Par said it will acquire Edict Pharmaceuticals for up to $37.6 million in cash and Par's repayment of certain additional pre-close indebtedness. Par noted the acquisition is subject to customary conditions and approvals; the drug maker expects to complete the transaction by the end of the year.

Edict currently has seven abbreviated new drug applications filed with the Food and Drug Administration and one ANDA filed in the name of a development partner with an additional 14 products in development.

"This transaction enhances Par's already successful research and development infrastructure and demonstrates Par's intention to continue to build out our product development platform," Par president Paul Campanelli said. "Also, Edict's facility adds significant operational capacity and provides business continuity protection for our Spring Valley, N.Y., facility."