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PAR PHARMACEUTICAL REACHES AGREEMENT WITH NEW YORK STATE

 PAR PHARMACEUTICAL REACHES AGREEMENT WITH NEW YORK STATE
 SPRING VALLEY, N.Y., May 22 /PRNewswire/ -- Pharmaceutical Resources, Inc. (NYSE PSE: PRX) ("PRI"), announced today that the board of regents of the State of New York has issued an order, consented to by PRI's subsidiary, Par Pharmaceutical, Inc., under which the State will terminate its proposed disciplinary proceeding against Par and regard Par as fully responsible to continue to be registered as a pharmaceutical manufacturer in the State of New York. The proposed disciplinary proceeding related to events that occurred at Par prior to August 1989. Pursuant to the consent order, Par agreed to pay a civil fine of $230,000 to the state, to be paid over a period of 30 months, and will be on probation for three years.
 Kenneth I. Sawyer, president of Pharmaceutical Resources, said, "This resolution was the result of an agreement, which we are very happy we were able to reach with the State. New York entered into this agreement after its consideration of the sweeping measures we have taken to rehabilitate our company, and we had to satisfy the State that we are operating in a responsible manner and in full compliance with applicable regulatory requirements. We appreciate the State's recognition of our commitment to integrity as evidenced by this agreement. The resolution of this matter represents yet another illustration of our success in reestablishing Par as a responsible leader in the generic drug industry."
 Pharmaceutical Resources, Inc. is the parent company of Par Pharmaceutical, Inc., a manufacturer and marketer of prescription and over-the-counter generic drugs.
 -0- 5/22/92
 /CONTACT: Michael A. Swit, or Richard J. Nadler of Pharmaceutical Resources, 914-425-7100/
 (PRX) CO: Pharmaceutical Resources, Par Pharmaceutical ST: New York IN: MTC SU:


SH-OS -- NY048 -- 3414 05/22/92 15:36 EDT
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Publication:PR Newswire
Date:May 22, 1992
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