A Parsippany-based company has been acquired by another based in Woodcliff Lake.
Par Pharmaceutical Companies, based in Woodcliff Lake, announced on last Tuesday that it has agreed to acquire JHP Group Holdings, the parent company of JHP Pharmaceuticals, which is headquartered in Parsippany.
"The acquisition of JHP immediately expands Par’s presence into the rapidly growing market for injectables,” said Paul V. Campanelli, Chief Executive Officer of Par Pharmaceutical Companies. “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.”
JHP is a “leading specialty pharmaceutical company that develops, manufactures and markets branded and generic sterile injectable products,” according to Par.
“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.”
Upon closing, JHP will become a wholly-owned subsidiary of Par and the transaction is expected to finish in the first quarter 2014, according to Par.