Par Pharmaceutical Companies, Inc. has entered an agreement to acquire JHP Group Holdings, the parent company of JHP Pharmaceuticals, a specialty pharmaceutical company that develops, manufactures and markets branded and generic sterile injectable products and provides contract manufacturing services for global pharma companies. JHP will become a wholly-owned subsidiary of Par. The acquisition, subject to customary conditions, is expected to close 1Q14.
JHP has a marketed portfolio of 14 specialty injectable products, including Aplisol and Adrenalin, and has a pipeline of 34 products, 17 of which have been submitted for FDA approval. JHP is headquartered in NJ and its sterile manufacturing facility is in Rochester, MI, and manufactures small-scale clinical through large-scale commercial products.
Paul V. Campanelli, chief executive officer of Par Pharmaceutical Companies, said, "The acquisition of JHP immediately expands Par’s presence into the rapidly growing market for injectables. With their high-barrier-to-entry products, JHP represents a perfect complement to Par’s strategy and product line. JHP’s well-respected and experienced management team has built a company with an unparalleled reputation for high-quality products and an impeccable record of regulatory compliance, which has driven their steady revenue growth. We look forward to working with them to grow our combined company.”
“Par has deep experience in generic pharmaceuticals and is ideally suited to drive the next stage of growth and expansion of JHP,” said Stuart Hinchen, co-founder and chief executive officer of JHP. “Par and JHP also share a dedication to quality and a common entrepreneurial culture. As we begin this next chapter, I would like to thank the employees of JHP, who have been the core to our success. We are truly excited to be joining Par.”
A Par spokesman said, "It is Par’s intention to continue the operations of JHP’s contract services business."
Ropes & Gray LLP served as legal counsel to Par Pharmaceutical Companies. J.P. Morgan Securities LLC served as financial advisor and Willkie Farr & Gallagher LLP served as legal counsel to JHP Group Holdings.