Needham & Company Maintains a 'Strong Buy' on Par Pharmaceutical (PRX); Healthy Deal with Handa

Needham & Company maintains a 'Strong Buy' on Par Pharmaceutical (NYSE: PRX) price target of $42.00.

Analyst, Elliot Wilbur, said, "PRX announced the acquisition of an NDA for dexlansoprazole capsules (generic version of Takeda’s Dexilant) from Handa Pharmaceuticals, a privately-held generic company."

"The transaction allows PRX to leapfrog over competitor ANDAs and establish first-to-file status position on generic Dexilant. In the best-case scenario (expiration of 30-month stay and/or favorable ruling on litigation), PRX would launch generic Dexilant in 2H13. While the true impact to financials is unclear given the undisclosed agreement terms for the product and the unknown timing of launch, we view the transaction as a positive, due to the deployment of low return cash into a high return asset that adds visibility to PRX's ANDA pipeline."

For an analyst ratings summary and ratings history on Par Pharmaceutical click here. For more ratings news on Par Pharmaceutical click here.

Shares of Par Pharmaceutical closed at $40.20 yesterday.

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