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PATTERSON, N.Y. Endo Pharmaceuticals will acquire Penwest Pharmaceuticals for $168 million, Penwest said Monday.
Penwest and Endo had worked together under a partnership to develop and commercialize the painkiller Opana (oxymorphone hydrochloride).
“The board of directors and I concluded that this transaction is in the best interests of Penwest and its shareholders and is an excellent way to maximize the value of Penwest’s most strategic asset, Opana,” Penwest president and CEO Jennifer Good said.
The acquisition, at $5 a share, represents a 47% premium over the 30-day average cost of Penwest shares. Under the agreement, expected to be completed next month, Endo will make a tender offer to acquire 100% of outstanding common stock of Penwest.