Exhibit 99.1


            PHARMACEUTICAL RESOURCES ANNOUNCES PROPOSED $150 MILLION
                 SENIOR SUBORDINATED CONVERTIBLE NOTES OFFERING

SPRING VALLEY, NEW YORK, SEPTEMBER 24, 2003 - Pharmaceutical Resources, Inc.
(NYSE:PRX) announced today its intention to sell, subject to market and other
conditions, $150 million aggregate principal amount of its Senior Subordinated
Convertible Notes due 2010 in a private, unregistered offering to "qualified
institutional buyers," pursuant to Rule 144A under the Securities Act of 1933,
as amended. We intend to grant the initial purchasers the option to purchase an
additional $30 million aggregate principal amount of the notes. The notes will
be convertible into shares of PRX's common stock.

If consummated, PRX intends to use the net proceeds from the offering to support
the expansion of its business, including entering into product license
arrangements and possibly acquiring complementary businesses and products, and
for general corporate purposes.

PRX also intends to use approximately $37 million of the net proceeds to
purchase call options with respect to its common stock from an affiliate of one
of the initial purchasers, which call options are intended to mitigate the
dilution from any conversion of the notes. The cost of the call options will be
partially offset by PRX's sale of warrants to acquire common stock of PRX to
such affiliate of the initial purchaser, for approximately $25 million. In
connection with these transactions, it is anticipated that such affiliate will
take positions in PRX's common stock in secondary market transactions and/or
enter into various derivative transactions either before or after the pricing of
the notes.

The notes will be offered only to "qualified institutional buyers", in
accordance with Rule 144A under the Securities Act of 1933. The notes to be
offered and the shares of common stock issuable upon conversion of the notes
will not be registered under the Securities Act of 1933 or the securities or
blue sky laws of any other jurisdiction and, unless registered, may not be
offered or sold except pursuant to an exemption from the registration
requirements of the Securities Act and the applicable securities laws of any
other jurisdictions. This press release does not constitute an offer to sell or
the solicitation of an offer to buy any of the notes.

Pharmaceutical Resources, Inc. is a holding company that, through its wholly
owned subsidiary, Par Pharmaceutical, Inc., develops, manufactures and
distributes generic pharmaceuticals. Through its FineTech subsidiary, PRX also
develops and utilizes synthetic chemical processes to design and develop
intermediate ingredients used in the production of finished products for the
pharmaceutical industry. For press releases and other company information, visit
www.parpharm.com.

                Safe Harbor Regarding Forward-Looking Statements

Certain statements contained in this press release may be forward-looking
statements under federal securities laws. PRX intends that any forward-looking
statements be subject to the safe-harbor created by those laws. Such statements
reflect the current views of PRX with respect to future events and are subject
to certain risks, uncertainties and assumptions. Although PRX believes that the
expectations reflected in such forward-looking statements are reasonable, should
one or more of these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual future results or events may vary materially
from those described herein.


The forward-looking statements include, but are not limited to, (i) the
expectation that PRX will issue the notes, (ii) the expectations regarding use
of the net proceeds from this offering and (iii) the expectation that the call
options PRX intends to purchase will mitigate the potential dilution from any
conversion of the notes. PRX cautions that these statements are qualified by
important factors that could cause actual results to differ materially from
those reflected by the forward-looking statements. Such factors include, but are
not limited to, (a) the market for convertible debt instruments, (b) the
interest rate environment and (c) the outcome of current and/or future
litigation or regulatory actions in which PRX is involved. Additional
information on these and other factors is contained in PRX's Annual Report on
Form 10-K for the year ended December 31, 2002 and our other periodic filings
with the Securities and Exchange Commission. PRX assumes no obligation to update
the forward-looking statements contained in this press release.

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