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news.Endo Pharmaceuticals and Indevus Pharmaceuticals have entered into a merger agreement under which Endo will commence a tender offer to acquire 100% of the outstanding shares of Indevus for approximately $370 million, or $4.50 per Indevus share, in cash.
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An additional approximately $267 million, or $3 per Indevus share, in cash will be payable in the future upon achievement of certain regulatory and sales milestones. The transaction has been approved by the boards of directors of both companies.
David Holveck, president and CEO of Endo, said: This merger reflects our desire to expand our business beyond pain management into complementary medical areas where we can be innovative and competitive. We believe this expansion of our product line has significant growth potential because of the therapeutic value of the Indevus product portfolio, the unique expertise of both companies, and the demographic, healthcare and reimbursement trends that favor the consideration of new products to address unmet needs in urology and endocrinology.
The combined company will market nine products through three specialty sales forces and have the capability to develop innovative new therapies using a novel drug delivery technology. We believe this will make Endo a stronger competitor, a more valuable healthcare supplier and a more successful company.