WOODCLIFF LAKE, N.J. (AP) -- Par Pharmaceutical Companies Inc. said Wednesday that it plans to buy rival Anchen Pharmaceuticals for $410 million.
Anchen specializes in "extended release and niche generic products," Par said. The company has five products on the market and plans to launch eight to 10 new "niche generic" products over the next two years, according to Par.
The privately-held Anchen is based in Irvine, Calif., and has about 200 employees.
Par, which is based in Woodcliff Lake, N.J., said the purchase of Anchen is expected to add to adjusted earnings immediately. Par will use a $350 million loan to help fund the deal.
In a statement, Par CEO Patrick LePore said the purchase would more than double Par's "product opportunities." Par said it expects the purchase to close by the end of the year.
Earlier this month, Par reported that its second-quarter revenue fell 12 percent and net income fell 51 percent, though it still beat analysts' estimates.