Par Announces Strategic Alliance With MN Pharmaceuticals

SPRING VALLEY, N.Y., Oct. 24 /PRNewswire-FirstCall/ -- Par Pharmaceutical Companies, Inc. today announced that it has entered into an agreement with MN Pharmaceuticals, based in Istanbul, Turkey, to develop and market generic versions of injectable pharmaceuticals. The companies will collaborate on the development of as many as 10 generic injectable drugs.

"We are very pleased to enter into this partnership with MN Pharmaceuticals," said Scott Tarriff, president and chief executive officer. "MN is one of Turkey's leading and oldest pharmaceutical companies, and is widely respected within the global pharmaceutical community. This collaboration permits Par to enter a new market segment, generic injectables, in a cost effective way."

Under the terms of the agreement, MN will be responsible for the development and manufacture of all products. Par will provide regulatory affairs support and submit each Abbreviated New Drug Application (ANDA) to the U.S. Food and Drug Administration as the U.S. filing agent on behalf of MN. Par will be responsible for any litigation expenses arising from the ANDA submissions. Par will have exclusive rights to market, sell and distribute the products in the U.S. Par and MN will share the net profits generated by all marketed products.

About MN Pharmaceuticals

MN Pharmaceuticals is one of the leading and oldest pharmaceutical companies in Turkey. With 950 trained personnel and modern facilities, MN is a leading manufacture of bulk pharmaceutical chemicals and finished dosage forms. Its high-capacity injectable units and lyophilization facilities make MN Turkey's most experienced pharmaceutical company in parenteral drug manufacturing. More information about MN can be found at http://www.mn.com.tr/

About Par

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 Company's filings with the Securities and Exchange Commission, such as the Company's Form 10-K, Form 10-Q, and Form 8-K reports.