In a bid to break out of its pain therapy niche, Endo Pharmaceuticals agreed to pay up to $637 million to acquire Indevus Pharmaceuticals. Indevus shareholders get $370 million of that now and up to $267 million more if a series of discovery and commercial milestones are hit.
According to Endo, the combined company will market nine therapies, including its pain therapies as well as Indevus' Pagoclone for anxiety disorders and Trospim for overactive bladder. And Endo says it has identified some $40 million in cost savings.
Much of the upside of the deal will rest on the fate of Nebido, Indevus' experimental therapy for hypogonadism. New data on the therapy will be sent to the FDA in the first half of 2009 as researchers seek an approval. Endo will pay $2 a share based on Nebido's approval and performance.
- view the Endo release
- read the report in the Wall Street Journal
- check out the AP report