PAR SUPPLYING INFORMATION TO HOUSE OVERSIGHT SUBCOMMITTEE

Executive Summary

PAR SUPPLYING INFORMATION TO HOUSE OVERSIGHT SUBCOMMITTEE as part of Chairman Dingell's (D-Mich.) investigation into FDA generic division approvals. On July 15, Par confirmed that it had received a subpoena and will provide documents relating to meetings and conversations with FDA. The company says it will provide the material to Capitol Hill within two weeks. Par is the first company to publicly disclose that it has been contacted by the subcommittee. Responding to a sharp drop in the price of Par stock on July 14, the company said it is "one of a number" of firms that has been asked to provide documents in connection with the investigation. The Dingell subcommittee said that a "number of subpoenas" would be served on the industry. At least one company reports not receiving an inquiry as of July 15. The American Home Products' affiliate, Quantum Pharmics, says that it has not received a subpoena. American Therapeutics, which received the first approval for a generic version of Maxzide, declines to answer inquiries about the Capitol Hill investigation. The request for information from Par probably reflects the company's success in receiving ANDA approvals. In 1987, Par got ANDA approvals for 29 chemical entities.