Par Pharmaceuticals officially withdraws IPO after $8 billion acquisition by Endo

Par Pharmaceutical Holdings, which manufactures and distributes generic and branded drugs in the US, officially withdrew its plans for an initial public offering on Friday. We estimated that the IPO could have raised as much as $500 million.

The company announced in May that it would be acquired by Endo International for $8.05 billion. The acquisition price, which assumes the company's $2.3 billion of debt, is 81% in cash and 19% in stock. Par had been LBO'd by TPG Capital (99% pre-acquisition stake) for $1.9 billion in 2012.

Endo International's stock (Nasdaq: ENDP) fell 5% on the day of the announcement in May. It is down 16% in the past 5 days.

The Chestnut Ridge, NY-based company was founded in 1978 and booked $1.4 billion in sales for the 12 months ended March 31, 2015, had planned to list on the NYSE under the symbol PRX. J.P. Morgan, Goldman Sachs, Citi, Morgan Stanley, BofA Merrill Lynch, Deutsche Bank and Evercore Partners were set to be the joint bookrunners on the deal.