Endo Pharmaceuticals Holdings Inc. (ENDP), a specialty pharmaceutical company, said it closed the $370 million acquisition of Indevus Pharmaceuticals, Inc. (IDEV).
The common stock of Indevus ceased trading at market close on Monday and has been converted into the right to receive $4.50 per Indevus share in cash and up to an additional $3.00 per share in cash upon achievement of certain regulatory and sales milestones.
As per the deal announced in January 2009, apart from $4.50 per Indevus share, in cash, the company will record an additional $267 million, or $3 per Indevus share, in cash payable in the future upon achievement of certain regulatory and sales milestones.
Chadds Ford, Pennsylvania-based Endo expects that the transaction will be dilutive to its earnings in 2009 and become accretive to earnings in 2010. Endo anticipates achieving up to $40 million in cost savings.
ENDP closed Monday's regular trading up $0.49 or 2.92% at $17.28 on a volume of about 684 thousand shares. The shares traded in the afterhours at $17.19, down $0.09 or 0.49%.
IDEV lost $0.40 or 6.67% at $5.60 in Monday's trading on a volume of 824 thousand shares.
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Endo Pharmaceuticals Holdings Inc. (ENDP), a specialty pharmaceutical company, said it closed the $370 million acquisition of Indevus Pharmaceuticals, Inc. (IDEV).
