Endo completes tender for Indevus

Endo Pharmaceuticals has successfully completed the tender offer of $370.0 million by its wholly-\owned subsidiary, BTB Purchaser, for all  of the outstanding shares of common stock of Indevus Pharmaceuticals  (Marketletter January 12). American Stock Transfer & Trust Co, the  depositary for the tender offer, has advised Endo that, as of 5:00 p.m.,  New York City time, on February 20, the initial expiration of the tender  offer, around 61,358,944 shares were validly tendered and not withdrawn,  representing around 78% of Indevus' issued and outstanding shares. All  validly-tendered shares have been accepted for payment and Endo says it  will pay for all of these promptly.

Endo also said that it would make available a subsequent offering period  commencing immediately and expiring on February 27 for all Indevus  shares not tendered into the offer prior to the initial expiration date.  During the subsequent offering period, BTB will accept for payment and  promptly pay for Indevus shares as they are tendered. Stockholders who  tender shares during such period will receive the same $4.50 per Indevus  share in cash and the contractual right to receive up to an additional  $3.00 a share in cash payable upon achievement of certain regulatory and  sales milestones as was paid to Indevus stockholders pursuant to the  tender offer.