Exhibit 99.1


PRESS RELEASE                        Source: Par Pharmaceutical Companies, Inc.

PAR PHARMACEUTICAL NAMES GERARD A. MARTINO CHIEF FINANCIAL OFFICER
Thursday March 16, 8:30 am ET

SPRING  VALLEY,  N.Y.,  March 16  /PRNewswire-FirstCall/  -- Par  Pharmaceutical
Companies,  Inc.  (NYSE:  PRX - News) today announced that Gerard A. Martino has
been named vice president and chief financial  officer.  He was also appointed a
corporate  officer  by Par's  board of  directors.  Mr.  Martino  joins Par from
Schering-Plough  Corporation where he served as vice president, global materials
management.   Mr.  Martino  managed  an  organization   dedicated  to  providing
logistics,    customer   service   and   production    planning   services   for
Schering-Plough's  global pharmaceutical business. In addition, his organization
was  responsible  for  implementing   world  class  global  strategic   sourcing
strategies at Schering-Plough.  Prior to this, he was vice president of finance,
reporting, planning and compliance, for Schering's U.S. pharmaceutical business.
He will report to President  and Chief  Executive  Officer  Scott  Tarriff.  Mr.
Martino  succeeds Dennis J. O'Connor,  who, as vice  president,  administration,
will be responsible for special  projects and continue to report to Mr. Tarriff.
"Par is  fortunate  to have  attracted  an  experienced  financial  executive of
Jerry's caliber," said Mr. Tarriff. "I am confident that his broad financial and
leadership skills, and extensive pharmaceutical industry experience will greatly
benefit  Par as our  company  grows and  develops a new line of  business."  Mr.
Martino joined Schering-Plough in 1994 as assistant controller,  responsible for
financial reporting, forecasting and planning. He progressed through a series of
positions of increasing  responsibility,  including  vice  president,  corporate
business development, and vice president, finance, Animal Health Division. Prior
to joining  Schering-Plough,  Mr.  Martino  was  responsible  for  internal  and
external  reporting  at Ryder  System,  Inc.  He began  his  career in 1983 with
Deloitte & Touche LLP where he progressed to senior audit  manager.  Mr. Martino
graduated  with a B.S. in accounting  from Montclair  State  University and is a
certified  public  accountant.  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 110 generic drugs. For press release
and other company information, visit http://www.parpharm.com.


------------------------------
        Source: Par Pharmaceutical Companies, Inc.