8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): June 14, 2007 (June 12, 2007)

PAR PHARMACEUTICAL COMPANIES, INC.

(Exact name of registrant as specified in its charter)

Delaware	File Number 1-10827	22-3122182
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)
300 Tice Boulevard, Woodcliff Lake, New Jersey		07677
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (201) 802-4000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01 Other Events.

On June 12, 2007, Par Pharmaceutical Companies, Inc. (the “Company”), issued a press release announcing that the Company and Immtech Pharmaceuticals, Inc. (“Immtech”) have entered into an exclusive, royalty-bearing licensing agreement (the “Agreement”) pursuant to which the Company will receive commercialization rights in the United States to Immtech’s lead oral drug, pafuramidine maleate, for the treatment of pneumocystis carinii pneumonia in patients with HIV/AIDS (the “Product”). In exchange for the commercialization rights, the Company will make an initial payment to Immtech of $3 million and subsequent payments of up to $29 million if the Product advances through various development milestones, and will compensate Immtech based on certain sales milestones and royalty payments based on the net sales of the Product. The Agreement provides that the Company will have a license to use Immtech technology to market, sell and be the sole and exclusive distributor of the Product in the United States. Immtech will manufacture the Product and will also control the development of the Product prior to FDA approval, and will be solely responsible for the costs related to such development. The Company’s press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Item 9.01. Financial Statements and Exhibits.

     (d) The following exhibit is furnished with this Current Report on Form 8-K:

Exhibit No.	Description
99.1	Press Release dated June 12, 2007

Certain statements in this Current Report on Form 8-K constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. To the extent that any statements made in this Current Report on Form 8-K contain information that is not historical, such statements are essentially forward-looking and are subject to certain risks and uncertainties, including the risks and uncertainties discussed from time to time in the Company’s filings with the SEC, including its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statements included in this Current Report on Form 8-K are made as of the date hereof only, based on information available to the Company as of the date hereof, and, subject to any applicable law to the contrary, the Company assumes no obligation to update any forward-looking statements.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated as of: June 14, 2007

PAR PHARMACEUTICAL COMPANIES, INC. (Registrant)
/s/ Thomas Haughey
Name:	Thomas Haughey
Title:	Executive Vice President – General Counsel

EXHIBIT INDEX

     The following exhibit is furnished with this Current Report on Form 8-K:

Exhibit No.	Description
99.1	Press Release dated June 12, 2007

EX-99.1

Exhibit 99.1

Investor Contact:
Stephen J. Mock

Media Contact:
Peter Wolf
Par Pharmaceutical Companies, Inc.
(201) 802-4000

PAR PHARMACEUTICAL LICENSES COMMERCIALIZATION RIGHTS
TO PAFURAMIDINE FOR TREATMENT OF PNEUMOCYSTIS PNEUMONIA

PCP Most Common Opportunistic Infection in People with HIV

Woodcliff Lake, N.J., June 12, 2007 — Par Pharmaceutical Companies, Inc. (NYSE:PRX) today announced it has entered into an exclusive licensing agreement under which Par will receive commercialization rights in the U.S. to Immtech Pharmaceuticals’ lead oral drug candidate, pafuramidine maleate, for the treatment of pneumocystis pneumonia (PCP) in AIDS patients. Immtech and Par may also collaborate on efforts to develop pafuramidine as a preventative therapy for patients at risk of developing PCP, including people living with HIV, cancer and other immunosuppressive conditions.

In return, Immtech will receive an initial payment of $3 million. Par will also pay Immtech as much as $29 million in development milestones if pafuramidine advances through ongoing phase III clinical trials and U.S. regulatory review and approval. In addition to royalties on sales, Immtech may receive milestone payments on future sales and will retain the right to co-market pafuramidine in the U.S.

Patrick G. LePore, president and chief executive officer of Par, said: “Considering Par’s expertise in supportive care, pafuramidine is an ideal strategic addition to our product portfolio. With Megace^® ES and pafuramidine, Par’s sales force would be helping to address two of the most life-threatening diseases afflicting HIV/AIDS patients – anorexia/cachexia and PCP.”

PCP is a fungal infection in the lungs and the most common opportunistic infection in people living with HIV, the virus that causes AIDS. It also affects people with severely compromised immune systems due to cancer chemotherapy or immunosuppressive therapy following organ transplantation. Mortality rates in individuals with AIDS during the initial infection are 10%-20%, with substantially higher rates when mechanically-assisted breathing is needed. In people without AIDS, the mortality rate from PCP is 30%-60%.

John MacPhee, president of Par’s Branded Products Division, said: “We are excited to team with Immtech and expand Par’s offerings to the treatment communities working to help people living with HIV and AIDS. Immtech brings significant depth of expertise in clinical, regulatory and commercial development to complement Par’s marketing and sales capabilities. Together, Immtech and Par will have a significant impact on the treatment of this devastating disease.”

Daniel M. Schmitt, vice president, Licensing and Commercial Development at Immtech, said, “We are delighted to be collaborating with Par to launch pafuramidine. Par’s recent success in commercializing Megace^® ES for AIDS wasting disease demonstrates its clear understanding of the needs of both patients and healthcare providers focused on the treatment of HIV/AIDS. There is a strong fit between Par’s commercialization and marketing and sales capabilities, and pafuramidine’s promise to make a difference in treating this deadly disease. Ultimately, patients will benefit from our collaboration.”

Current treatment options for PCP include trimethoprim-sulfamethoxazole (TMP-SMX), primaquine plus clindamycin, trimetrexate (with or without dapsone) plus leucovorin, atovaquone and pentamidine. The risk of adverse events associated with currently available treatment options for PCP requires that 20%-57% of all patients be switched to better tolerated regimens during their course of care.

The development of pafuramidine for the treatment of PCP was sponsored in part by a National Cooperative Drug Discovery Groups grant from the National Institutes of Health, U.S. Department of Health and Human Services, to the University of North Carolina at Chapel Hill. Pafuramidine was initially synthesized at Georgia State University, a member of Immtech’s Scientific Consortium.

About Par

Par Pharmaceutical Companies, Inc. develops, manufactures and markets generic drugs and innovative branded pharmaceuticals for specialty markets. For press release and other company information, visit www.parpharm.com.

About Immtech

Immtech Pharmaceuticals, Inc. is focused on developing and commercializing drugs to treat infectious diseases. Immtech has advanced clinical programs that include new oral treatments for Pneumocystis pneumonia (PCP), malaria, and trypanosomiasis (African sleeping sickness), and a well defined, expanding library of compounds targeting Hepatitis C, fungal infections, bacterial infections and other serious diseases. Immtech holds exclusive worldwide licenses to certain patents, patent applications and technology for products derived from a proprietary pharmaceutical platform. For additional information, please go to http://www.immtechpharma.com.

Safe Harbor Statement

Certain statements in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. To the extent any statements made in this news release contain information that is not historical, these

statements are essentially forward-looking and as such, are subject to risks and uncertainties, including the extent and impact of litigation arising out of the accounting issue described in this and prior public announcements, including the lawsuit brought against the company by the trustee for the company’s Senior Subordinated Convertible Notes seeking an accelerated payment of the $200 million of principal of and accrued interest on the notes or, in the alternative, damages, the difficulty of predicting FDA filings and approvals, acceptance and demand for new pharmaceutical products, the impact of competitive products and pricing, new product development and launch, reliance on key strategic alliances, uncertainty of patent litigation filed against the company, availability of raw materials, the regulatory environment, fluctuations in operating results and other risks and uncertainties detailed from time to time in the company’s filings with the Securities and Exchange Commission (SEC), such as the company’s reports on Form 10-K, Form 10-Q, and Form 8-K, and amendments thereto. The company can make no assurance as to the potential effects of the restatement, including the effects of any investigations, informal or otherwise, conducted by the SEC, or other entities, or lawsuits filed against the company in connection therewith. Any forward-looking statements included in this press release are made as of the date here of only, based on information available to the company as of the date hereof, and, subject to any applicable law to the contrary, the company assumes no obligation to update any forward-looking statements.

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