Endo Pharmaceuticals buys Indevus for $370 million

By Lisa Kerner

Charlotte, N.C., March 23 - Endo Pharmaceuticals Holdings Inc. said it completed its acquisition of Indevus Pharmaceuticals, Inc.

BTB Purchaser Inc., an Endo subsidiary, completed a tender offer for all of the outstanding shares of Indevus common stock on Thursday.

Indevus shares ceased trading at market close on Monday.

As previously reported, 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 about $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.

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