Par Begins Shipment of Generic Zantac Syrup(R)

WOODCLIFF LAKE, N.J., March 22 /PRNewswire-FirstCall/ -- Par Pharmaceutical Companies, Inc. (NYSE: PRX) today announced it has entered into a supply and distribution agreement with GlaxoSmithKline (NYSE: GSK) in the U.S. to distribute ranitidine hydrochloride syrup, which is fully substitutable for GSK's ZANTAC Syrup(R). ZANTAC Syrup(R) is indicated for the treatment of ulcers and other chronic gastro-intestinal conditions. Annual U.S. sales of ZANTAC Syrup(R) are approximately $124 million, according to IMS Health. Par began shipping ranitidine hydrochloride syrup today.

Under the terms of the agreement, Par commenced shipment of its fully substitutable generic ZANTAC Syrup(R) once another fully substitutable generic version of the drug became available in the U.S. Par's product will be manufactured by a GSK subsidiary, and GSK will receive a share of Par's profits.

About Par

Par Pharmaceutical Companies, Inc. develops, manufactures and markets generic drugs and innovative branded pharmaceuticals for specialty markets. For press release and other company information, visit http://www.parpharm.com/.