Ireland-based Endo International has completed the $8.05bn acquisition of US-based Par Pharmaceutical Holdings from private investment firm TPG Capital North America.

The deal adds a quickly growing generics portfolio to its specialty offerings, and positions Endo as one of the five largest generic drug companies in the US based on annual sales.

Endo’s generics portfolio currently includes a range of in-market and R&D stage complex and competitively differentiated dosage forms and delivery systems, with a focus on higher barrier-to-entry and first-to-market products.

As a result of the acquisition, Endo’s generics business Qualitest Pharmaceuticals will be combined with Par to create a single US generics business unit that will be named Par Pharmaceutical and operate as an Endo subsidiary.

"The purchase price for Par consisted of 18 million shares of Endo equity and $6.5bn in cash."

Par former CEO Paul Campanelli is joining Endo’s executive leadership team as the new business unit’s group president.

Endo president and CEO Rajiv De Silva said: "We are pleased to announce the completion of this transformational acquisition that has strategically expanded our product portfolio, R&D pipeline, manufacturing and technology capacity and generics expertise for the benefit of patients, customers and shareholders.

"We are also pleased to welcome Paul Campanelli, former CEO of Par Pharmaceutical, as group president, Par Pharmaceutical to the Endo executive leadership team and are excited about his anticipated contributions to the organisation.

"I would like to take the opportunity to thank the leadership team and the hard-working employees at Qualitest for continuing to drive the business forward and deliver year-over-year double-digit growth during this period of transition. We look forward to the opportunities ahead for our combined generics business."

The purchase price for Par consisted of 18 million shares of Endo equity and $6.5bn in cash, paid to former Par stockholders.

The deal was financed by a combination of cash, debt and proceeds from a $2.3bn equity offering completed this June.

TPG Capital North America managing partner Todd Sisitsky said: "Over the last few years, it has been a pleasure to work alongside Par’s outstanding management team as they have grown and diversified this great business.

"We thank the Par team for their close partnership and believe that the company is well-positioned for continued success as part of Endo. As investors in the combined company, we are excited by the prospects for future growth."

Completion of the deal follows the unanimous vote of the Federal Trade Commission on 24 September to approve a consent order in connection with the transaction.

As part of the consent order, Endo has agreed to divest its glycopyrrolate and methimazole products to Rising Pharmaceuticals.