Indevus, Valera set exchange rate at 1.1337 in $120 million merger deal slated to close April 17

By Lisa Kerner

Charlotte, N.C., April 12 - Indevus Pharmaceuticals, Inc. said the exchange ratio for the stock portion of the consideration in the proposed merger between its wholly owned subsidiary and Valera Pharmaceuticals, Inc. will be 1.1337 shares of Indevus common stock for each share of Valera common stock.

Valera stockholders will also receive three contingent stock rights for each of their shares of Valera common stock, convertible into $1.00, $1.00 and $1.50, respectively, worth of Indevus common stock linked to three Valera product milestones, according to a company news release.

Each company will hold a special meeting of its stockholders on April 17 to approve the merger, which is slated to close shortly after the meetings.

Indevus entered into a definitive agreement on Dec. 12 to acquire Valera in a stock transaction for $7.75 per share, or a total of about $120 million, plus contingent payments of up to $3.50 per share based on product milestones.

Valera is a specialty pharmaceutical company focused on urology and endocrinology products based in Cranbury, N.J.

Indevus is a Lexington, Mass., biopharmaceutical company specializing in products to treat urological, gynecological and men's health conditions

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