Indevus Pharmaceuticals is buying Valera Pharmaceuticals in a stock deal valued at $120 million. The buyout, which includes milestone payments based on future performance, gives Indevus control of Valera's work in urology and endicronology. The two companies inked a co-promotion pact on the prostate cancer drug Vantas. Indevus is paying a 43 percent premium compared to the Monday close on Valera's stock.
"Upon closing, Indevus' robust product portfolio will include three marketed products and the combined company anticipates five new product launches within two years, including three products from Valera," said Glenn L. Cooper, chairman and chief executive of Indevus.
- see this press release
- here's the AP report on the buyout
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