| PAR PHARMACEUTICAL EXPANDS ROCKLAND FACILITY TO
ADD CAPACITY FOR NEW APPETITE-ENHANCING DRUG
CHESTNUT RIDGE, N.Y. (10/15/05) - Par Pharmaceutical Cos.
Inc., which is best known for manufacturing generic drugs,
is expanding its Hudson Valley facility to add capacity for
its first patented medicine – a drug called Megace ES
for treating patients with appetite problems. The drug received
approval from the Food and Drug Administration in June and
company is hoping to move two more branded drugs to market
soon.
Construction is now under way on a 25,000 square foot addition
to Par's operation in Chestnut Ridge, New York, where it performs
manufacturing, packaging and quality control lab work. When
the annex is up and running by the end of the year, four new
packaging lines will be in operation. Additional manufacturing
capacity and the ability to add about 60 new jobs to a company
that has already grown by 90 employees in the past year are
also in the plans as the company prepares to rollout its new
drug.
Par, which had sales last year of $690 million, makes, markets
or licenses more than 90 prescription drugs. During the past
five years, the company's sales have grown more than eightfold
and its stock has grown more than 350%. The company has about
50 applications pending before the FDA for approvals of new
generic drugs and hopes to see 15 to 20 approved during the
current year.
An appetite stimulant, Megace ES was designed for patients
with anorexia, AIDS and other diseases that make food unappealing.
Par used licensed chemical nanotechnology to produce a dosage
of the drug that can be taken on an empty stomach. The company
estimates the market for Megace ES to be $350 million.
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