Par pays $5.3 mil. to three Quad execs

Executive Summary

To complete acquisition of its injectables subsidiary. Par announced May 29 that it has finalized the acquisition of the 40% minority interest in Quad previously held by Quad's Senior VP-Secretary Raja Feroz, Senior VP-Treasurer Dulal Chatterji and Exec VP Asrar Burney. The agreement in principle was announced in April. The approximately $5.3 mil. transaction involves "$2 mil. in cash, $1 mil. in Quad notes payable over a four-year period, and 408,165 shares of Par stock" valued at $5.63 per share, Par said. The resignation of the three execs, upon the closing of the deal, clears the way for Par's new management to oversee the resolution of Quad's regulatory problems arising from the generic drug scandal.