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Indevus Pharmaceuticals Announces Definitive Merger Agreement With Endo Pharmaceuticals
Date:1/5/2009

Company to Host Conference Call January 6, 2009 at 8:30 a.m. EST

LEXINGTON, Mass., Jan. 5 /PRNewswire-FirstCall/ -- Indevus Pharmaceuticals, Inc. (Nasdaq: IDEV) today announced that it has entered into a definitive merger agreement under which Endo Pharmaceuticals Holdings, Inc. will commence a tender offer to acquire 100 percent of the outstanding shares of Indevus for approximately $370 million, or $4.50 per Indevus share, in cash and up to an additional approximately $267 million, or $3.00 per Indevus share, in cash payable in the future upon achievement of certain milestones related to NEBIDO (R) (in development for hypogonadism) and the octreotide implant (in development for acromegaly and carcinoid syndrome), two of Indevus' primary product candidates. The up-front consideration of $4.50 per share represents a premium of 45.2% over today's closing price of the common stock of Indevus, and a 59.0% premium over the 30-day volume weighted average price for the common stock. The transaction has been approved by the boards of directors of both companies. The Company will host a conference call and webcast on January 6, 2009 beginning at 8:30 am Eastern time (details follow below).

"For many reasons, we are very pleased to bring this transaction to the shareholders and other stakeholders of the Company," said Glenn L. Cooper, M.D., chairman and chief executive officer of Indevus. "For our shareholders, the deal not only captures a significant premium in the up-front portion of the consideration, but our investors will also maintain a significant interest in the downstream value creation from NEBIDO and the octreotide implant.

"Our employees, who have been so instrumental in the growth and success of Indevus, will also remain integral to the future of Endo," continued Dr. Cooper. "Our sales force, Cranbur
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SOURCE Indevus Pharmaceuticals, Inc.
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