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Endo Pharmaceuticals Inc. has closed its acquisition of Lexington-based Indevus Pharmaceuticals Inc. for a potential $637 million, capping a two-month saga.
The announcement was made this past week by Boston-based law firm, Burns & Levinson LLP, which oversaw the transaction for Indevus. The firm is claiming this is one of the largest deals of the year. According to the deal’s terms, Endo Pharmaceuticals Holdings Inc. will make an initial cash payment of approximately $370 million. Down the road, it could provide as much as an additional $267 million in cash, depending on the achievement of some regulatory and sales milestones by Indevus.
Endo made the initial offer for Indevus in January, with a deadline for shareholders of February 27. On March 2, Endo extended the deadline for shareholders until March 13. Now the initial tender is closed, stated Burns & Levinson.
Indevus focuses on selling products to treat urologic and endocrine-related problems. For its part, Pennsylvania-based Endo Pharmaceuticals concentrates on researching, developing and selling branded and generic prescription pharmaceuticals to treat and manage pain.
In a statement on behalf of Indevus, Burns & Levinson noted that most of the deals that will occur this year will involve financing. However, this merger involved a significant up-front cash payment and the future contingent cash payments.
Last February, , Indevus concluded a clinical study for its Pro 2000 anti-HIV drug that indicated it lowered infection risk for women by 30 percent, meaning it failed to reach a significant 33 percent.
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