Endo completes tender offer for Indevus Pharmaceuticals

Endo Pharmaceuticals, a developer and marketer of branded and generic prescription pharmaceuticals, has reported the successful completion of the tender offer by its wholly owned subsidiary, BTB Purchaser, for all of the outstanding shares of common stock of Indevus Pharmaceuticals, a specialty pharmaceutical company.

American Stock Transfer & Trust Company, the depositary for the tender offer, has advised Endo that, as of March 18, 2009, the expiration of the subsequent offering period, approximately 70.86 million shares were validly tendered in the tender offer, representing approximately 89.15% of Indevus’s issued and outstanding shares. Endo has accepted for payment and promptly paid for all shares validly tendered during the subsequent offering period.

Endo also announced that, to complete the acquisition of 100% of the common stock of Indevus, the company will effect, without prior notice to, or any action by, any other Indevus stockholder, a short-form merger in which BTB will merge with and into Indevus, with Indevus surviving the merger and continuing as a wholly owned subsidiary of Endo.

To that end, BTB has notified Indevus of its intent to exercise its option under the merger agreement to purchase newly issued Indevus shares in order to ensure ownership of at least 90% of the outstanding Indevus shares to complete the short-form merger. Pursuant to the top-up option, Indevus will issue to BTB 11.31 million new shares of its common stock.