Skadden Advises Endo In $168M Penwest Buy

Law360, New York (August 10, 2010, 12:56 PM EDT) -- Endo Pharmaceuticals Inc. has announced plans to acquire Penwest Pharmaceuticals Co. — its partner in developing painkiller Opana ER — in a cash tender offer valued at $168 million.

The deal, announced Monday, values Penwest at $5 per share. The two companies have worked together since 1997 to develop and market Opana ER, a morphinelike drug used to treat moderate to severe pain in patients who need around-the-clock pain treatment for long periods of time.

The tender offer is expected to clear in September, and requires...
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