Exhibit 10.15

Contact:
Kenneth I. Sawyer
Chairman and Chief Executive Officer
Pharmaceutical Resources, Inc.
(914) 425-7100


FOR IMMEDIATE RELEASE


                         PHARMACEUTICAL RESOURCES, INC.
             COMPLETES PREVIOUSLY ANNOUNCED STRATEGIC ALLIANCE WITH
                                   MERCK KGaA

     Spring Valley,  New York, June 30, 1998 -- Pharmaceutical  Resources,  Inc.
(NYSE/PSE:PRX)  announced  today that it has completed the previously  announced
strategic alliance with Merck KGaA, Darmstadt,  Germany.  Merck KGaA is a German
pharmaceutical,  laboratory  and  chemical  company.  Merck  KGaA,  through  its
subsidiary   Lipha  Americas,   Inc.   ("Lipha"),   purchased  today  10,400,000
newly-issued  shares from the Company.  In addition,  Merck KGaA today purchased
1,813,272  shares  of  the  Company's  common  stock  from  Clal  Pharmaceutical
Industries  Ltd.  ("Clal"),  the  Company's  largest  stockholder  prior to this
transaction.  As a result of the stock  purchases  today,  Merck  KGaA has a 42%
stake in Pharmaceutical Resources.

     The cash purchase price of $2 per share provides  Pharmaceutical  Resources
with $20.8  million  for  investment  in its  continuing  business.  The Company
intends to use approximately  $3.6 million of the net proceeds of the stock sale
to repay advances made to it under its existing line of credit and the remainder
will be used for working capital, including business expansion.

     Today,  the Company also issued to Merck KGaA and its Canadian  subsidiary,
Genpharm  Inc.  ("Genpharm"),  five-year  options to  purchase an  aggregate  of
1,171,040  shares of the Company's  common stock at an exercise  price of $2 per
share in exchange for  consulting  services to be provided to the  Company.  The
Company's shareholders approved the stock sale and option issuance at the Annual
Meeting of Shareholders held on June 26, 1998.

     Kenneth I.  Sawyer,  Chairman and Chief  Executive  Officer of the Company,
commented  "We are  excited  about the  future of the  Company  now that we have
consummated our strategic alliance with Merck KGaA. The cash from the stock sale
together with the  previously  announced  Distribution  Agreement  with Genpharm
granting Pharmaceutical  Resources the right to distribute the numerous products
identified  for both  near and long term  development  gives us the  ability  to
achieve our goal of becoming a profitable generic company".




                                     - more-

     Merck KGaA is a German specialty  pharmaceuticals,  laboratory and chemical
company  with  sales of $4.4  billion,  and  29,000  employees  in 47  countries
worldwide. Its pharmaceutical sales of $2.5 billion consists mainly of ethicals,
generics,  contrastmedia  and OTC products.  Within the Ethicals  Division Merck
spends more than 20% of its sales on R&D and has core research  expertise in CV,
CNS, oncology and metabolic disease.  Merck KGaA owns Merck-Lipha S.A., a French
ethical and generic pharmaceutical company, which owns Dey Laboratories, L.P., a
U.S. generic pharmaceutical company located in Napa Valley, California.

     Pharmaceutical  Resources, Inc. is a holding company with subsidiaries that
develop,  manufacture and distribute  generic  pharmaceuticals  products.  PRI's
principal  subsidiary,  Par Pharmaceutical,  located in Spring Valley, New York,
manufactures  and  distributes  various dosage  strengths of  approximately  100
products.

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