Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On June 12, 2009, Par Pharmaceutical Companies, Inc. issued a press release announcing that Thomas P. Rice had been elected by the Board on June 9, 2009 as a Class I member of the Board of Directors with a term expiring at the annual meeting of stockholders in 2012. Mr. Rice was also appointed to the Audit Committee and the Nominating-Corporate Governance Committee.

Mr. Rice is a principal and co-founder of Columbia Investments LLC, Baltimore, Maryland, which invests in local businesses in Maryland. From February 2004 to November 2006, he was the Chief Executive Officer of Andrx Corporation when Andrx was sold to Watson Pharmaceuticals. He was also a director of Andrx from April 2003 until November 2006. Mr. Rice is currently a director of Chemed Corporation (NYSE:CHE).

Mr. Rice will be entitled to the same compensation as other non-employee directors as described in our most recent proxy statement filed with the SEC on April 21, 2009, including but not limited to the grant on June 9, 2009 of 6,812 restricted stock units valued at $100,000. These units vest on the first anniversary of the date of grant, but are not issued or otherwise distributed as actual shares until Mr. Rice's retirement from the Board.

Our press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Item 9.01