Endo Pharmaceuticals begins subsequent offer for remaining Indevus shares

By Lisa Kerner

Charlotte, N.C., Feb. 23 - Endo Pharmaceuticals Holdings Inc. said approximately 61,358,944 shares of Indevus Pharmaceuticals, Inc. common stock were tendered in Endo's offer that ended on Feb. 20.

The number of shares tendered represents approximately 77.972% of Indevus' issued and outstanding shares, Endo said.

Endo began a subsequent offering period for all remaining shares of Indevus at the same $4.50-per-share offer price as in the initial offer.

The subsequent offering period ends at 5 p.m. ET on Feb. 27.

It was previously reported that Endo agreed to acquire 100% of the outstanding shares of Indevus, located in Lexington, Mass., in a $4.50-per-share cash tender offer valued at approximately $370 million.

Endo, based in Chadds Ford, Pa., also agreed to pay an additional $3.00 per Indevus share, or $267 million, upon achievement of some milestones related to two of Indevus' primary product candidates, Nebido and the octreotide implant.

The companies recently amended their Jan. 5 merger agreement, reducing the termination fee payable under some limited circumstances to $18 million from $20 million in response to shareholders' legal action.

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