Endo to buy Indevus for $370M up front, to expand portfolio beyond pain management

12 January 2009

Endo Pharmaceuticals has agreed to buy fellow US firm Indevus Pharmaceuticals for as much as $637.0 million, in a deal that will add  100 representatives to its sales force and expand its portfolio beyond  pain management.

Endo will initially pay $4.50 a share, or about $370.0 million in  total, for the Lexington, Massachusetts-based firm whose products  include treatments for overactive bladder, prostate cancer and central  precocious puberty, with drugs for hypogonadism and bladder cancer  nearing approval. The initial price offered is 45% above Indevus' $3.10  closing price at 4pm New York on the day the deal was announced, January  5.

Under the terms of the deal, Endo will pay an additional $3 per share,  valued at an extra $267.0 million, if Indevus meets certain regulatory  and sales milestones.

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