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                                                                     Exhibit 3.2

                                    RESTATED

                                     BY-LAWS

                                       OF

                          DURAMED PHARMACEUTICALS, INC.
                       (as amended through July 24, 1998)

                  The By-Laws of Duramed Pharmaceuticals, Inc. are restated in
their entirety by action of the shareholders of the Corporation duly adopted
January 11, 1986 to read as follows:


                                    ARTICLE I

                                  STOCKHOLDERS

         1.       STOCKHOLDER MEETINGS.

                  - TIME. The annual meeting of stockholders shall be held on
the second Tuesday in May at 10:00 a.m. or such other date or time fixed, from
time to time, by the directors. The first stockholders meeting following
adoption of these By-Laws shall be held in 1986. A special meeting shall be held
on the date and at the time fixed by the directors.

                  - PLACE. Annual meetings and special meetings of stockholders
shall be held at such place, within or without the State of Delaware, as the
directors may, from time to time, fix. Whenever the directors shall fail to fix
such place, the meeting shall be held at the registered office of the
corporation in the State of Delaware.

                  - CALL. Annual meetings and special meetings of stockholders
may be called by the directors or by any officer instructed by the directors to
call the meeting.

                  - NOTICE OR WAIVER OF NOTICE. Written notice of all meetings
of stockholders shall be given, stating the place, date, and hour of the meeting
and stating the place within the city or other municipality or community where
the meeting is to be held at which the list of stockholders of the corporation
may be examined. The notice of an annual meeting shall state that the meeting is
called for the election of directors and for the transaction of other business
which may properly come before the meeting, and shall, (if any other action
which could be taken at a special meeting is to be taken at such annual meeting)
state the purpose or purposes. The notice of a special meeting shall in all
instances state the purpose or purposes for which the meeting is called. Except
as otherwise provided by the General Corporation Law, a copy of the notice of
any meeting shall be given, personally or by mail, not less than ten days nor
more than sixty days before the date of the meeting, unless the lapse of the
prescribed period of time shall have been waived, and directed to each
stockholder at his address as shown on the stock ledger of the corporation.
Notice by mail shall be deemed to be given when deposited, with postage thereon
prepaid, in the United States Mail. If a meeting is adjourned to another time
and/or to another place, and if an announcement of the adjourned time and/or
place is made at the meeting, it shall not be necessary to give notice of the
adjourned meeting unless the directors, after adjournment, fix a new record date
for the adjourned meeting. 


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Notice need not be given to any stockholder who submits a written waiver of
notice signed by him. Attendance of a stockholder at a meeting of stockholders
shall constitute a waiver of notice of such meeting, except when the stockholder
attends the meeting for the limited purpose of objecting, expressed at the
beginning of the meeting, to the transaction of any business because the meeting
is not lawfully called or convened. Neither the business to be transacted at,
nor the purpose of, any regular or special meeting of the stockholders need be
specified in any written waiver of notice.

                  - STOCKHOLDER LIST. The officer who has charge of the stock
ledger of the corporation shall prepare and make, at least ten days before every
meeting of stockholders, a complete list of the stockholders, arranged in
alphabetical order, and showing the address of each stockholder and the number
of shares registered in the name of each stockholder. Such list shall be open to
the examination of any stockholder, for any purpose germane to the meeting,
during ordinary business hours, for a period of at least ten days prior to the
meeting, either at a place within the city or other municipality or community
where the meeting is to be held, which place shall be specified in the notice of
the meeting, or if not so specified, at the place where the meeting is to be
held. The list shall also be produced and kept at the time and place of the
meeting during the whole time thereof, and may be inspected by any stockholder
who is present. The stock ledger shall be the only evidence as to who are the
stockholders entitled to examine the stock ledger, the list required by this
section or the books of the corporation, or to vote at any meeting of
stockholders.

                  - CONDUCT OF MEETING. Meetings of the stockholders of the
corporation shall be presided over by one of the following officers in the order
of seniority and if present and acting - the Chief Executive Officer, the
Chairman of the Board, if any, the Vice-Chairman of the Board, if any, the
President, a Vice-President, or if none of the foregoing is in office and
present and acting, by a chairman to be chosen by the stockholders. The
Secretary of the corporation, or in his absence, an Assistant Secretary, shall
act as secretary of every meeting, but if neither the Secretary nor an Assistant
Secretary is present the Chairman of the meeting shall appoint a secretary of
the meeting. (amended 7/24/98)

                  - BUSINESS. At an annual meeting of the stockholders, only
such business shall be conducted as shall have been properly brought before the
meeting. To be properly brought before an annual meeting business must be (a)
specified in the notice of meeting (or any supplement thereto) given by or at
the direction of the Board of Directors, (b) otherwise properly brought before
the meeting by or at the direction of the Board of Directors, or (c) otherwise
properly brought before the meeting by a stockholder. For business to be
properly brought before an annual meeting by a stockholder, the stockholder must
have given timely notice thereof in writing to the Secretary of the corporation.
To be timely, a stockholder's notice must be delivered to or mailed and received
at the principal executive offices of the corporation, not less than 60 days nor
more than 90 days prior to the date corresponding to the date on which the
corporation first mailed its proxy materials for the prior year's annual meeting
of stockholders, unless public disclosure of different dates is given or made to
stockholders. A stockholder's notice to the Secretary shall set forth as to each
matter the stockholder proposes to bring before the annual meeting (a) a brief
description of the business desired to be brought before the annual meeting and
the reasons for conducting such business at the annual meeting, (b) the name and
address, as they appear on the corporation's books, of the stockholder proposing
such business, (c) the class and number of shares of the corporation which are
beneficially owned by the 


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stockholder, and (d) any material interest of the stockholder in such business.
Notwithstanding anything in the By-Laws to the contrary, no business shall be
conducted an any annual meeting except in accordance with the procedures set
forth in this paragraph. The Chairman of the annual meeting shall, if the facts
warrant, determine and declare to the meeting that business was not properly
brought before the meeting and in accordance with the provisions of this
paragraph, and if he should so determine, he shall so declare to the meeting and
any such business not properly brought before the meeting shall not be
transacted. Other than procedural matters related to the conduct of the meeting,
no business shall be conducted at a special meeting of stockholders other than
that specified in the notice of meeting (or any supplement thereto) given by or
at the direction of the Board of Directors. (added 7/24/98)

                  - INSPECTORS. The directors, in advance of any meeting, may,
but need not, appoint one or more inspectors of election to act at the meeting
or any adjournment thereof. If an inspector or inspectors are not appointed, the
person presiding at the meeting may, but need not, appoint one or more
inspectors. In case any person who may be appointed as an inspector fails to
appear or act, the vacancy may be filled by appointment made by the directors in
advance of the meeting or at the meeting by the chairman of the meeting. Each
inspector, if any, before entering upon the discharge of his duties, shall take
and sign an oath faithfully to execute the duties of inspector at such meeting
with strict impartiality and according to the best of his ability. The
inspectors, if any, shall determine the number of shares of stock outstanding
and the voting power of each, the shares of stock represented at the meeting,
the existence of a quorum, the validity and effect of proxies, and shall receive
votes, ballots or consents, hear and determine all challenges and questions
arising in connection with the right to vote, count and tabulate all votes,
ballots or consents, determine the result, and do such acts as are proper to
conduct the election or vote with fairness to all stockholders. On request of
the person presiding at the meeting, the inspector or inspectors, if any, shall
make a report in writing of any challenge, question or matter determined by him
or them and execute a certificate of any fact found by him or them.

                  - QUORUM. The holders of one-third of the outstanding shares
of stock shall constitute a quorum at a meeting of stockholders for the
transaction of any business. The stockholders present may adjourn the meeting
despite the absence of a quorum.

                  - VOTING. In the election of directors, a plurality of the
votes cast shall elect. Any other action shall be authorized by a majority of
the votes cast except where the General Corporation Law prescribes a different
percentage of votes and/or a different exercise of voting power, and except as
may be otherwise prescribed by the provisions of the certificate of
incorporation and these By-Laws. In the election of directors, and for any other
action, voting need not be by ballot.

         2. CERTIFICATES REPRESENTING STOCK. Certificates representing stock in
the corporation shall be signed by, or in the name of, the corporation by the
Chairman or Vice-Chairman of the Board of Directors, if any, or by the President
or a Vice-President and by the Treasurer or an Assistant Treasurer or the
Secretary or an Assistant Secretary of the corporation. Any or all the
signatures on any such certificate may be a facsimile. In case any officer,
transfer agent, or registrar who has signed or who facsimile signature has been
placed upon a certificate shall have ceased to be such officer, transfer agent,
or registrar before such certificate is issued, 


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it may be issued by the corporation with the same effect as if he were such
officer, transfer agent, or registrar at the date of issue.

         Whenever the corporation shall be authorized to issue more than one
class of stock or more than one series of any class of stock, and whenever the
corporation shall issue any shares of its stock as partly paid stock, the
certificates representing shares of any such class or series or of any such
partly paid stock shall set forth thereon the statements prescribed by the
General Corporation Law of the State of Delaware. Any restrictions on the
transfer or registration of transfer of any shares of stock of any class or
series shall be noted conspicuously on the certificate representing such shares.

         The corporation may issue a new certificate of stock or uncertificated
shares in place of any certificate theretofore issued by it, alleged to have
been lost, stolen, or destroyed, and the Board of Directors may require the
owner of the lost, stolen, or destroyed certificate, or his legal
representative, to give the corporation a bond sufficient to indemnify the
corporation against any claim that may be made against it on account of the
alleged loss, theft, or destruction of any such certificate or the issuance of
any such new certificate or uncertificated shares.

         3. UNCERTIFICATED SHARES. Subject to any conditions imposed by the Law
of the State of Delaware, the Board of Directors of the corporation may provide
by resolution or resolutions that some or all of any or all classes or series of
the stock of the corporation shall be uncertificated shares. Within a reasonable
time after the issuance or transfer of any uncertificated shares, the
corporation shall send to the registered owner thereof the written notice or
statement prescribed by the Law of the State of Delaware.

         4. FRACTIONAL SHARE INTERESTS. The corporation may, but shall not be
required to, issue fractions of a share. If the corporation does not issue
fractions of a share, it shall (1) arrange for the disposition of fractional
interests by those entitled thereto, (2) pay in cash the fair value of fractions
of a share as of the time when those entitled to receive such fractions are
determined, or (3) issue scrip or warrants in registered form (either
represented by a certificate or uncertificated) or bearer form (represented by a
certificate) which shall entitle the holder to receive a full share upon the
surrender of such scrip or warrants aggregating a full share. A certificate for
a fractional share or an uncertificated fractional share shall, but scrip or
warrants shall not unless otherwise provided therein, entitle the holder to
exercise voting rights, to receive dividends thereon, and to participate in any
of the assets of the corporation in the event of liquidation. The Board of
Directors may cause scrip or warrants to be issued subject to the conditions
that they shall become void if not exchanged for certificates representing the
full shares or uncertificated full shares before a specified date, or subject to
the conditions that the shares for which scrip or warrants are exchangeable may
be sold by the corporation and the proceeds thereof distributed to the holders
of scrip or warrants, or subject to any other conditions which the Board of
Directors may impose.

         5. STOCK TRANSFERS. Upon compliance with provisions restricting the
transfer or registration of transfer of shares of stock, if any, transfers or
registration of transfers of shares of stock of the corporation shall be made
only on the stock ledger of the corporation by the registered holder thereof, or
by his attorney thereunto authorized by power of attorney duly executed and
filed with the Secretary of the corporation or with a transfer agent or a
registrar, if 


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any, and, in the case of shares represented by certificates, on surrender of the
certificate or certificates for such shares of stock properly endorsed and the
payment of all taxes due thereon.

         6. RECORD DATE FOR STOCKHOLDERS. For the purpose of determining the
stockholders entitled to notice of or to vote any meeting of stockholders or any
adjournment thereof, or to express consent to corporate action in writing
without a meeting, or entitled to receive payment of any dividend or other
distribution or the allotment of any rights, or entitled to exercise any rights
in respect of any change, conversion, or exchange of stock or for the purpose of
any other lawful action, the directors may fix, in advance, a record date, which
shall not be more than sixty days nor less than ten days before the date of such
meeting, nor more than sixty days prior to any other action. If no record date
is fixed, the record date for determining stockholders entitled to notice of or
to vote at a meeting of stockholders shall be at the close of business on the
day next preceding the day on which notice is given, or, if notice is waived, at
the close of business on the day next preceding the day on which the meeting is
held; the record date for determining stockholders entitled to express consent
to corporate action in writing without a meeting, when no prior action by the
Board of Directors is necessary, shall be the day on which the first written
consent is expressed; and the record date for determining stockholders for any
other purpose shall be at the close of business on the day on which the Board of
Directors adopts the resolution relating thereto. A determination of
stockholders of record entitled to notice of or to vote at any meeting of
stockholders shall apply to any adjournment of the meeting; provided, however,
that the Board of Directors may fix a new record date for the adjourned meeting.

         7. MEANING OF CERTAIN TERMS. As used herein in respect of the right to
notice of a meeting of stockholders or a waiver thereof or to participate or
vote thereat or to consent or dissent in writing in lieu of a meeting, as the
case may be, the term "share" or "shares" or "share of stock" or "shares of
stock" or "stockholder" or "stockholders" refers to an outstanding share or
shares of stock and to a holder or holders of record of outstanding shares of
stock when the corporation is authorized to issue only one class of shares of
stock, and said reference is also intended to include any outstanding share or
shares of stock and any holder or holders of record of outstanding shares of
stock of any class upon which or upon whom the certificate of incorporation
confers such rights where there are two or more classes or series of shares of
stock or upon which or upon whom the General Corporation Law of the State of
Delaware confers such rights notwithstanding that the certificate of
incorporation may provide for more than one class or series of shares of stock,
one or more of which are limited or denied such rights thereunder; provided,
however, that no such right shall vest in the event of an increase or a decrease
in the authorized number of shares of stock of any class or series which is
otherwise denied voting rights under the provisions of the certificate of
incorporation, except as any provision of law may otherwise require.


                                   ARTICLE II

                                    DIRECTORS

         1. FUNCTIONS AND DEFINITIONS. The business and affairs of the
corporation shall be managed under the direction of the Board of Directors of
the corporation. The Board of 


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Directors shall have the authority to fix the compensation of the members
thereof. The use of the phrase "whole board" herein refers to the total number
of directors which the corporation would have if there were no vacancies.

         2. NUMBER AND TERM. The Board of Directors shall consist of one or more
members, the number thereof to be determined from time to time by resolution of
the Board of Directors, but no decrease may shorten the term of any incumbent
director. Directors need not be stockholders. Directors shall hold office,
subject to the provisions of Section 3 of this Article II, until the next annual
meeting of stockholders and until the election and qualification of their
respective successors. (amended 3/24/89)

         3. VACANCIES. Any director may resign at any time by delivering his
written resignation to the President or Secretary of the corporation, to take
effect at the time specified in the resignation; the acceptance of a
resignation, unless required by its terms, shall not be necessary to make it
effective. Any or all of the directors may be removed at any time, either with
or without cause, by vote of the stockholders. Any vacancies in the Board,
including one created by an increase in the number of directors, may be filled
for the unexpired term by a majority vote of the remaining directors, though
less than a quorum, or by a plurality of the votes cast by the stockholders at
any annual or special meeting. (amended 3/24/89)

         4.       BOARD OF DIRECTORS MEETINGS.

                  - TIME. Meetings shall be held at such time as the Board shall
fix.

                  - PLACE. Meetings shall be held at such place within or
without the State of Delaware as shall be fixed by the Board.

                  - CALL. No call shall be required for regular meetings for
which the time and place have been fixed. Special meetings may be called by or
at the direction of the Chairman of the Board, if any, the Vice-Chairman of the
Board, if any, the President, or of a majority of the directors in office.

                  - NOTICE OR ACTUAL OR CONSTRUCTIVE WAIVER. Notice of the time,
place and purpose of any special meeting of the Board of Directors or of any
committee thereof, shall be given by personal or written delivery, at least 72
hours before the meeting. Notice need not be given to any director or to any
member of a committee of directors who submits a written waiver of notice signed
before or after the time stated therein. Attendance of any such person at a
meeting shall constitute a waiver of notice of such meeting, except when that
person attends a meeting for the express purpose of objecting, at the beginning
of the meeting, to the transaction of any business because the meeting is not
lawfully called or convened. Neither the business to be transacted at, nor the
purpose of, any regular or special meeting of the directors need be specified in
any written waiver of notice.

                  - QUORUM AND ACTION. A majority of the whole Board shall
constitute a quorum except when a vacancy or vacancies prevent such majority,
whereupon a majority of the directors in office shall constitute a quorum,
provided, that such majority shall constitute at least one-third of the whole
Board. A majority of the directors present, whether or not a quorum is 


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present, may adjourn a meeting to another time and place. Except as herein
otherwise provided, and except as otherwise provided by the General Corporation
Law of the State of Delaware, the vote of the majority of the directors present
at a meeting at which a quorum is present shall be the act of the Board. The
quorum and voting provisions herein stated shall not be construed as conflicting
with any provisions of the General Corporation Law of the State of Delaware and
these By-Laws which govern a meeting of directors held to fill vacancies and
newly created directorships in the Board or action of disinterested directors.

         Any member or members of the Board of Directors or of any committee
designated by the Board, may participate in a meeting of the Board, or any such
committee, as the case may be, by means of conference telephone or similar
communications equipment by means of which all persons participating in the
meeting can hear each other.

                  - CHAIRMAN OF THE MEETING. The Chairman of the Board, if any
and if present and acting, shall preside at all meetings. Otherwise, the
Vice-Chairman of the Board, if any and if present and acting, or the President,
if present and acting, or any other director chosen by the Board, shall preside.

         5. COMMITTEES. The Board of Directors may, by resolution passed by a
majority of the whole Board, designate one or more committees, each committee to
consist of one or more of the directors of the corporation. The Board may
designate one or more directors as alternate members of any committee, who may
replace any absent or disqualified member at any meeting of the committee. In
the absence or disqualification of any member of any such committee or
committees, the member or members thereof present at any meeting and not
disqualified from voting, whether or not he or they constitute a quorum, may
unanimously appoint another member of the Board of Directors to act at the
meeting in the place of any such absent or disqualified member. Any such
committee, to the extent provided in the resolution of the Board, shall have and
may exercise the powers and authority of the Board of Directors in the
management of the business and affairs of the corporation with the exception of
any authority the delegation of which is prohibited by Section 141 of the
General Corporation Law of the State of Delaware.

         Committees to be established by the Board of Directors may include the
following:

                  5.1 The Executive Committee shall have and may exercise all of
                  the powers and authority of the Board of Directors and the
                  management of the business and affairs of the Corporation in
                  intervals between meetings of the Board of Directors except to
                  the extent limited by provisions of the General Corporation
                  Law of the State of Delaware.

                  5.2 The Audit Committee shall approve all major changes in
                  accounting policies of the Corporation; propose fees for
                  annual audit of the Corporation's books and records to be
                  undertaken by the Corporation's independent auditors; review
                  results of each annual audit with the independent auditors;
                  and recommend to the Board of Directors which firm of
                  accountants should be selected as the Corporation's
                  independent accountants. The Audit Committee 



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                  shall also review the Corporation's internal audit plan and
                  make assignments to and receive summary reports directly from
                  the Corporation's internal auditors.

                  5.3 The Compensation Committee shall establish compensation
                  for the officers of the Corporation, administer stock option
                  plans for the Corporation and authorize the grant of options
                  and sales of shares under such plans, and recommend to the
                  Board of Directors any modifications in salary and
                  compensation plans established by the Corporation.

         6. WRITTEN ACTION. Any action required or permitted to be taken at any
meeting of the Board of Directors or any committee thereof may be taken without
a meeting if all members of the Board or committee, as the case may be, consent
thereto in writing, and the writing or writings are filed with the minutes of
proceedings of the Board or committee.


                                   ARTICLE III

                                    OFFICERS

         The officers of the corporation shall consist of a President, a
Secretary, a Treasurer, and, if deemed necessary, expedient, or desirable by the
Board of Directors, a Chairman of the Board, a Vice-Chairman of the Board, an
Executive Vice- President, one or more other Vice Presidents, one or more
Assistant Secretaries, one or more Assistant Treasurers, and such other officers
with such titles as the resolution of the Board of Directors choosing them shall
designate. Except as may otherwise be provided in the resolution of the Board of
Directors, no officer other than the Chairman or Vice-Chairman of the Board, if
any, need be a director. Any number of offices may be held by the same person,
as the directors may determine.

         Unless otherwise provided in the resolution choosing an officer, each
officer shall be chosen for a term which shall continue until the meeting of the
Board of Directors following the next annual meeting of stockholders and until a
successor shall have been chosen and qualified.

         All officers of the corporation shall have such authority and perform
such duties in the management and operation of the corporation as shall be
prescribed in the resolution of the Board of Directors designating and choosing
such officers and prescribing their authority and duties, and shall have such
additional authority and duties as are incident to their office except to the
extent that such resolutions may be inconsistent therewith. The Secretary or an
Assistant Secretary of the corporation shall record all of the proceedings of
all meetings and actions in writing of stockholders, directors, and committees
of directors, and shall exercise such additional authority and perform such
additional duties as the Board shall assign. In the absence of the Secretary or
the Assistant Secretary the Chairman of the meeting shall appoint a Secretary to
record the proceedings of the meeting. Any officer may be removed, with or
without cause, by the Board of Directors. Any vacancy in any office may be
filled by the Board of Directors.



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                                   ARTICLE IV

                                 CORPORATE SEAL

         The Corporation may have a seal which shall be in such form as the
Board of Directors shall prescribe but the presence or absence of a corporate
seal shall have no effect.


                                    ARTICLE V

                                   FISCAL YEAR

         The fiscal year of the corporation shall be fixed, and shall be subject
to change, by the Board of Directors.


                                   ARTICLE VI

                              CONTROL OVER BY-LAWS

         Subject to the provisions of the Certificate of Incorporation and the
provisions of the General Corporation Law of the State of Delaware the By-Laws
may be amended by the Board of Directors or by the affirmative vote of the
holders of outstanding voting securities of the Corporation entitling them to
exercise two-thirds of the voting power of the Corporation on such proposal.


                  WITNESS my hand and the seal of the Corporation.

Dated:





                                               --------------------------------
                                               Secretary






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