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PHARMACEUTICAL RESOURCES SUBSIDIARY SIGNS LETTER OF INTENT

    PHARMACEUTICAL RESOURCES SUBSIDIARY SIGNS LETTER OF INTENT
    SPRING VALLEY, N.Y., Jan. 14 /PRNewswire/ -- Pharmaceutical Resources, Inc. (NYSE, Pacific: PRX) today announced that its subsidiary, Quad Pharmaceuticals, Inc., has signed a non-binding letter of intent with T & S Holding, Inc., a private company, for the sale of substantially all of Quad's assets.  The company had announced last year the discontinuance of Quad's manufacturing operations and its plans to sell Quad or its assets.
    As presently contemplated, the transaction would result in the acquisition by the purchaser of substantially all of Quad's assets in exchange for the assumption of certain debt of approximately $3 million, substantially all of which is represented by the industrial revenue bond covering Quad's manufacturing facility; contingent future payments of up to $1.55 million based on sales over a set time period of the products acquired; and cash payments at closing and one year after closing totaling $750,000.
    Closing of the transaction is expected to occur by early April 1992, and is subject to the completion of due diligence and the obtaining of financing by T & S Holding, Inc., negotiation and execution of definitive agreements, and approval by the boards of directors of all concerned parties.
    -0-              1/14/92
    /CONTACT:  Richard J. Nadler or Michael A. Swit, Esq. of Pharmaceutical Resources, 914-425-7100/
    (PRX) CO:  Pharmaceutical Resources, Inc.; Quad Pharmaceuticals, Inc.;
     T & S Holding, Inc. ST:  New York IN:  MTC SU: FC-JT -- NY068 -- 9745 01/14/92 17:08 EST
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Publication:PR Newswire
Date:Jan 14, 1992
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