TPG’s $8 Billion Drug Sale a Rare Development


The latest off-patent drug deal is far from generic.

With the $8 billion sale of Par Pharmaceutical to Endo International, the buyout firm TPG will generate an outsize return on its investment in three years. Though it’s a rare development, the eagerness of buyers like Endo means more sellers are bound to benefit.

TPG, the private equity shop led by David Bonderman, took Par private in 2012 for $1.9 billion. That required an equity check of $739 million, and later another $110 million to help Par buy a smaller rival. TPG also subsequently paid itself a dividend of nearly $500 million. The Endo deal will bring another $5.8 billion. Add it all up, and TPG has reaped eight times what it put in…

TPG’s $8 Billion Drug Sale a Rare Development

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