Quad Pharmaceuticals was absorbed within Par Pharmaceutical, Inc., which is now itself a wholly owned subsidiary of Pharmaceutical Resources, Inc. The latter is a manufacturer and distributor of a broad line of generic drugs. The Company's product line consists of prescription and over the counter products marketed principally in solid oral dosage form consisting of tablets, caplets and two-piece hard-shell capsules. In addition, the Company markets a product in the semi-solid form of a cream. Par's executive offices, part of its research and development center and a substantial portion of its production facilities are located in Spring Valley, New York. The Company markets its products primarily to drug wholesalers, retail drug chains, repackagers, distributors and government agencies. In addition, the Company is increasing its sales and marketing efforts in the managed health care market which includes health maintenance organizations, nursing homes, hospitals, clinics, pharmacy benefit management companies and mail order facilities. The firm's primary R&D activities consist of identifying and conducting patent and market research on brand name drugs for which patent protection has expired or is to expire in the near future, researching and developing new product formulations based upon such drugs, obtaining approval from the FDA for such new product formulations, and introducing technology to improve production efficiency and enhance product quality. Par began business operations in 1979. In 1983, the Company filed an initial public offering, and in 1987 began listing the Company's stock (PRX) on the New York Stock Exchange
