NEW YORK (TheStreet) -- Endo International (ENDP) shares are down 3.35% to $82.49 in early market trading on Monday after the global specialty healthcare company announced an $8.05 billion cash and stock purchase of generic drug maker Par Pharmaceutical (PAR) from private equity firm TPG Specialty Lending (TSLX) before the opening bell today.
The purchase makes the Dublin, Ireland-based company one of the top five generic drug manufacturer's in the U.S. based on sales, according to CEO Rajiv De Silva. The deal is expected to close in the second half this year.
"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. We are also excited to welcome Paul Campanelli to the Endo leadership team," said De Silva. "With more than 25 years of experience in the generics industry and nearly 15 years at Par, Paul has demonstrated a clear track record of success in innovation and strategic management in specialty generics."
The purchase follows up Endo's previous failed bid for Salix Pharmaceuticals (SLXP) in March which fell apart after the company was outbid by Valient Pharmaceutical (VRX), who paid $11.1 billion for the company.
TheStreet Ratings team rates ENDO INTERNATIONAL PLC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation: