
Monday, March 2, 2009
Indevus’ acquirer Endo, extends offer to March 13
By Mass High Tech staff
Shareholders of Indevus Pharmaceuticals Inc. have another two weeks to ponder selling their stock to a subsidiary of Endo Pharmaceuticals Inc., now that the Pennsylvania-based Endo has extended its tender offer deadline until March 13.
Endo initially offered to acquire Indevus for a potential total of $637 million in early January. The company set a deadline of Feb. 27 for its tender offer to shareholders of stock in Lexington-based Indevus. As of the end of day on Friday, Endo had been tendered approximately 80.93 percent of Indevus’ issued and outstanding shares.
According to Endo officials, that gives its subsidiary, BTB Purchaser Inc., enough voting power to approve the acquisition, and following the close of the deal Indevus will become a wholly-owned subsidiary of Endo, and Indevus common stock will cease to be traded on the Nasdaq.
Under the agreement announced in January, Endo will acquire 100 percent of the outstanding shares of Indevus for about $370 million in cash. Endo will also pay up to an additional $267 million in cash upon achievement of certain milestones related to Indevus’ Nebido treatment for hypogonadism and the octreotide implant to treat acromegaly and carcinoid syndrome.
The up-front cash payment of $370 million equates to $4.50 per share and represents a premium of 45.2 percent over today’s closing price of the common stock of Indevus (Nasdaq: IDEV), according to officials. The deal has been approved by the boards of directors of both companies.
Indevus lost $65.5 million for fiscal 2008, on revenue of $77.8 million.







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