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Endo Pharmaceuticals Successfully Completes Tender Offer for Shares of Indevus Pharmaceuticals and Announces Subsequent Offering Period
Date:2/23/2009

CHADDS FORD, Pa., Feb. 23 /PRNewswire-FirstCall/ -- Endo Pharmaceuticals (Nasdaq: ENDP) today announced the successful completion of the tender offer by its wholly owned subsidiary, BTB Purchaser Inc., for all of the outstanding shares of common stock of Indevus Pharmaceuticals, Inc. (Nasdaq: IDEV). American Stock Transfer & Trust Company, the depositary for the tender offer, has advised Endo that, as of 5:00 p.m., New York City time, on February 20, 2009, the initial expiration of the tender offer, approximately 61,358,944 shares were validly tendered and not withdrawn in the tender offer, representing approximately 77.972% of Indevus' issued and outstanding shares. All validly tendered shares have been accepted for payment and Endo will pay for all such shares promptly.

Endo also announced today that it would make available a subsequent offering period commencing immediately and expiring on February 27, 2009 at 5:00 p.m. New York City time 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 per Indevus share in cash payable upon achievement of certain regulatory and sales milestones as was paid to Indevus stockholders pursuant to the tender offer. Procedures for tendering shares during the subsequent offering period are the same as during the initial offering period with two exceptions: (1) shares cannot be delivered by the guaranteed delivery procedure and (2) pursuant to Rule 14d-7(a)(2) under the Securities Exchange Act o
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SOURCE Endo Pharmaceuticals Inc.
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