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The major underwriters include J.P. Morgan,
Goldman Sachs & Co, Citigroup and Morgan Stanley, Par Pharma
said in a filing to the U.S Securities and Exchange Commission
on Friday.
The filing included a nominal fundraising target of about $100
million, but did not reveal how many shares the company planned
to sell or their expected price.
The Woodcliff Lake, New Jersey-based company could raise around
$500 million in a public float and the IPO could value the
drugmaker at $3 billion to $4 billion, Reuters had reported last
month.
Par Pharma, which has a generic portfolio of about 95 products,
said it would list its shares under the symbol "PRX". It did not
say which stock exchange it would list on.
The company, which operates through its generic division Par
Pharmaceutical and its proprietary products division Par
Specialty Pharmaceuticals, was acquired by TPG Capital for $1.9
billion in 2012 after activist firm Relational Investors LLC
called on the company to sell itself.
Par Pharma has bulked up since then, acquiring injectable
pharmaceutical maker JHP Group Holdings Inc for $490 million in
January 2014, and a year later it picked up Ethics Bio Lab Pvt,
an Indian-based contract research organization.
Net proceeds from the offering would be used to repay debt and
for working capital purposes, Par Pharma said.
The company's net loss narrowed slightly to $105.52 million in
2014 from $105.87 million a year earlier. Total revenues rose
19.2 percent to $1.31 billion.
The amount of money a company says it plans to raise in its
first IPO filings is used to calculate registration fees. The
final size of the IPO could be different.
(Reporting by Avik Das in Bangalore; Editing by Savio D'Souza)
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