Endo International and Par Pharmaceutical Holdings have entered into a definitive agreement under which Endo will acquire Par for $8.1 billion. The combination will create a leading specialty pharmaceutical company with a generics business that is one of the industry’s fastest growing and among the top five as measured by U.S. sales.

“Our generics business, Qualitest, continues to be an extremely attractive and effective growth driver for Endo. This transaction with Par builds upon our generics growth, adding a strong portfolio of high barrier-to-entry and attractive gross margin products while also transforming Endo, creating a powerful corporate platform for future growth and strategic M&A,” said Rajiv De Silva, president and chief executive officer, Endo. “We believe the acquisition of Par underscores the continued execution of Endo’s value-driven M&A strategy and helps deliver on our goal of achieving double-digit revenue growth for the overall business over the long-term.”

“This is an exciting time of growth and opportunity in the generics and specialty pharmaceutical arenas. Par Pharmaceutical is committed to significantly expanding our scope, capacity and capabilities to realize the maximum value of our rich and diversified product portfolio and R&D pipeline. We believe our combination with Endo best positions us to do so,” said Paul Campanelli, chief executive officer, Par Pharmaceutical. “We share Endo’s goal of developing and commercializing generic drugs in areas of greatest revenue potential, complex formulations and longer life cycles.”

After the deal is completed, Mr. Campanelli will join Endo, where he will lead the generics business and serve as a member of Endo’s executive leadership team.