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                                                                    EXHIBIT 99.1
Contacts:
Stephen J. Mock
Cecelia C. Heer
Par Pharmaceutical Companies, Inc.
(201) 802-4000

PAR PHARMACEUTICAL ANNOUNCES DIVESTITURE OF FINETECH

SPRING VALLEY, NY, JAN. 26, 2006 - Par Pharmaceutical Companies, Inc. (NYSE:PRX)
today  announced  the  divestiture  of  FineTech  Laboratories  Ltd.,  effective
December 31, 2005.  Acquired by Par in 2002,  FineTech  employs 42 people at its
research  and  development  facility in Haifa,  Israel.  FineTech  develops  and
utilizes  highly  complex  synthetic  chemical  processes  to design and develop
intermediate  ingredients  used in the  production of finished  products for the
pharmaceutical  industry.  Par will recognize a non-cash charge of approximately
$35  million  in the  fourth  quarter  of  2005  as a  result  of  the  FineTech
divestiture.  Since Par will no longer be  required  to fund the  operations  of
FineTech,  Par expects to recognize annual pre-tax cost savings of approximately
$4 million.

FineTech has been  transferred  to Arie L. Gutman,  Ph.D.,  president  and chief
executive officer of FineTech.  In connection with this transaction,  Dr. Gutman
has  resigned  from Par's board of  directors.  He had served as a member of the
board since 2002. As an independent  entity,  FineTech will be better positioned
to fulfill its original mission of providing  research and development  services
to customers in the  pharmaceutical  industry.  Par will continue to collaborate
with FineTech on specific  projects and,  through a supply  agreement,  FineTech
will continue to provide Par with certain active pharmaceutical ingredients.

Par Pharmaceutical  Companies,  Inc. develops,  manufactures and markets generic
drugs and innovative branded pharmaceuticals for specialty markets. In 2005, Par
received   approval  for  and   introduced   Megace(R)  ES,  its  first  branded
pharmaceutical  product, and expects to launch its second in 2006. Par's Generic
Products Division is committed to providing  high-quality  pharmaceuticals  that
are affordable and accessible to patients. Par manufactures, markets or licenses
more than 100 generic  drugs.  For press release and other company  information,
visit WWW.PARPHARM.COM

Certain statements in this press release constitute "forward-looking statements"
within the meaning of the Private  Securities  Litigation Reform Act of 1995. To
the extent any statements made in this news release contain  information that is
not historical, these statements are essentially forward-looking and are subject
to risks and  uncertainties,  including the difficulty of predicting FDA filings
and approvals, acceptance and demand for new pharmaceutical products, the impact
of  competitive  products  and  pricing,  new  product  development  and launch,
reliance on key strategic  alliances,  uncertainty  of patent  litigation  filed
against  us,  availability  of  raw  materials,   the  regulatory   environment,
fluctuations  in operating  results and other risks and  uncertainties  detailed
from time to time in the  Company's  filings  with the  Securities  and Exchange
Commission, such as the Company's Form 10-K, Form 10-Q, and Form 8-K reports.