Endo said Monday that with the closing of the deal, announced in May, its U.S. Generics segment that includes Par Pharmaceutical and Qualitest will be named Par Pharmaceutical, an Endo International Company, and be led by Paul Campanelli, former chief executive officer of Par. Campanelli also will join Endo’s executive leadership team.
With the addition of Par, Endo noted that its generic drug portfolio now includes an extensive range of in-market and R&D-stage complex and competitively differentiated dosage forms and delivery systems, with a focus on higher barrier-to-entry and first-to-market products.
“We are pleased to announce the completion of this transformational acquisition that has strategically expanded our product portfolio, R&D pipeline, manufacturing and technology capacity and generics expertise for the benefit of patients, customers and shareholders,” stated Rajiv De Silva, president and CEO of Endo. “We are also pleased to welcome Paul Campanelli, former CEO of Par Pharmaceutical, as group president, Par Pharmaceutical, to the Endo executive leadership team and are excited about his anticipated contributions to the organization. I would like to take the opportunity to thank the leadership team and the hard working employees at Qualitest for continuing to drive the business forward and deliver year-over-year double-digit growth during this period of transition. We look forward to the opportunities ahead for our combined generics business.”
Endo added that through the acquisition it has bolstered its position as a leading global specialty pharmaceutical company, with a fast-growing generic drug business that is among the top five in U.S. sales, according to data from IMS Health.
“I am excited to be joining Endo along with key members of the Par team. We look forward to helping realize the full potential of this new and highly specialized generics business,” Campanelli commented. “Our combined portfolio now includes an industry-leading range of higher barrier-to-entry and first-to-market products, as well as an extensive and differentiated R&D pipeline. While already one of the fastest-growing generics businesses, we see a compelling opportunity to drive future double-digit growth, serve our customers and build shareholder value.”