Exhibit 99.1
Contact:
Scott Tarriff
President  and Chief Executive Officer
Pharmaceutical Resources, Inc.
(845) 425-7100

        PHARMACEUTICAL RESOURCES ANNOUNCES EXERCISE OF $40 MILLION OPTION
                TO PURCHASE SENIOR SUBORDINATED CONVERTIBLE NOTES

SPRING VALLEY, N.Y., SEPTEMBER 29, 2003 -- Pharmaceutical Resources, Inc. (NYSE:
PRX) announced today that the initial purchasers of PRX's 2.875% Senior
Subordinated Convertible Notes have exercised their option to purchase an
additional $40 million principal amount of such notes. As a result, the final
aggregate principal amount of the notes is $200 million. The sale of the notes
is expected to close on September 30, 2003.

The notes will be convertible into PRX common stock at an initial conversion
price of approximately $88.76 per share (a conversion rate of 11.2660 shares per
$1,000 principal amount of notes), upon the occurrence of certain events.

PRX intends to use the net proceeds from the issuance of the additional notes 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 $9.9
million of such 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 additional warrants
to acquire common stock of PRX to such affiliate of the initial purchaser, for
approximately $6.5 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
before and after the pricing of the notes.

The notes 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 or the shares of common
stock issuable upon conversion 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.