Reuters: Regulatory News: Par Pharmaceutical to appear in court, near settlement

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Par Pharmaceutical to appear in court, near settlement Mar 5th 2013, 15:28 March 5 | Tue Mar 5, 2013 10:28am EST March 5 (Reuters) - Par Pharmaceutical Inc, being investigated by U.S. officials over the sales of an AIDS drug, is scheduled to appear on Tuesday in a New Jersey federal court, a courtroom deputy said. The generic drug company, purchased in September by TPG Capital LP for roughly $1.9 billion, is expected to appear before U.S. Magistrate Judge Madeline Cox Arleo in Newark, New Jersey. On Monday, Par said in a filing in the Washington D.C. federal court it was "close to finalizing" a resolution of several pending investigations and litigations. The Woodcliff Lake, New Jersey-based company has been the subject of a U.S. Department of Justice inquiry into its sales and marketing practices of the AIDS drug Megace ES. In a regulatory filing last September, Par said it had set aside $45 million over the prior six months as its "best estimate" for a potential global settlement regarding the inquiry. Par did not immediately respond to a request for comment. U.S. Attorney Paul Fishman is expected to hold a news conference later Tuesday to discuss criminal and civil actions against a New Jersey company. A spokesman for Fishman was not immediately available for comment.

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