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WOODCLIFF LAKE, N.J., Aug. 2 /PRNewswire-FirstCall/ -- Par Pharmaceutical Companies, Inc. today announced that it has entered into a stock purchase agreement to acquire an equity interest in IntelliPharmaCeutics Ltd., a Delaware company. The stock purchase represents a 4.2 percent equity interest in IntelliPharmaCeutics, the operating company with which Par has entered into a separate agreement to collaborate in the development and marketing of four controlled release generic drug products. The four products will be developed by IntelliPharmaCeutics, a Toronto-based specialty pharmaceutical company with which Par previously has entered into single- product agreements covering the development and marketing of two controlled release generic drug products.
Paul V. Campanelli, president of Par's Generics Division, said: "Par's ongoing collaboration with IntelliPharmaCeutics is productive and promising, already resulting in the filing of an Abbreviated New Drug Application (ANDA) for a generic version of a controlled release product earlier this year. This expanded collaboration speaks to the effectiveness of our complementary capabilities, and we look forward to working with our partners and building on our success in this new venture."
Under the terms of the agreement, IntelliPharmaCeutics will develop the controlled release products and Par will provide development, regulatory and legal support for the applications. IntelliPharmaCeutics will be eligible to receive development and post-launch milestone payments. Par will have exclusive rights to market, sell and distribute the products in the U.S., and receive a majority share of the profits from the sales of each product.
As reported on CNN Money.
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