Company news: Par Pharmaceutical; Gilead
Par Pharmaceutical is going private, selling to TPG for $1.9 billion in cash. The Woodcliff, NJ-based generics maker. TPG partner Todd B. Sisitsky said in a statement: "The company is positioned to benefit from the strong macro trends of a greater focus on cost effective healthcare solutions and the increasing demands from an aging population. We look forward to partnering with this talented management team to continue developing an attractive platform for expansion." The deal, though approved unanimously by Par's board, is subject to approval from a majority of shareholders and antitrust regulators before it can proceed.
The FDA gave the green light to Gilead's add-on HIV prevention indication for Truvada. The once-daily pill was okayed for marketing for pre-exposure prophylaxis to reduce risk of infection in highly at-risk adults. The AIDS Healthcare Foundation assailed the decision as “reckless,” citing the lack of an HIV testing precondition in the label and safety worries about kidney damage.