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Endo Pharmaceuticals Solutions (Formerly Indevus Pharmaceuticals, Inc.) Announces Commencement of Offer to Purchase Its 6.25% Convertible Senior Notes Due 2009
Date:3/25/2009

LEXINGTON, Mass., March 25 /PRNewswire/ -- Endo Pharmaceuticals Solutions Inc. (formerly known as Indevus Pharmaceuticals, Inc.) today commenced an offer to purchase any or all of its outstanding 6.25% Convertible Senior Notes due 2009 in accordance with the indenture governing the Notes, as a result of the acquisition of Indevus by Endo Pharmaceuticals Holdings. The offer to purchase the Notes is scheduled to expire at 5:00 p.m., Eastern time, on April 22, 2009.

In the Notice of Change of Control and Offer to Purchase issued today, Endo Pharmaceuticals Solutions notified the holders of the Notes that the acquisition of approximately 77.972% of Indevus Common Stock by Endo Pharmaceuticals Holdings upon the closing of the initial offering period of the related tender offer on February 23, 2009, the election of a majority of new directors to the Indevus board of directors and the merger whereby Indevus, under its new name, Endo Pharmaceuticals Solutions, became a wholly-owned subsidiary of Endo Pharmaceuticals Holdings each resulted in a "change of control" (as defined in the indenture) and that each holder has the right to require Endo Pharmaceuticals Solutions to purchase its Notes. Pursuant to the Offer to Purchase, a holder who validly delivers all or a portion of Notes in acceptance of the offer prior to 5:00 p.m., Eastern time, on April 22, 2009 and does not withdraw the Notes prior to 5:00 p.m., Eastern time, on April 23, 2009 will be entitled to receive cash equal to 100% of the principal amount of such Notes, plus any accrued and unpaid interest to, but excluding, the change of control purchase date.

The Notes currently are convertible. Holders may convert any outstanding Notes into the right to receive (x) $676.0817 in cash for each $1,000 principal amount of Notes based on the conversion price of $6.656 and conversion rate of 150.2404 that was in effect at the effective time of the merger and the $4.50 initial cash
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SOURCE Endo Pharmaceuticals Solutions Inc.
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