Indevus To Acquire Valera

Indevus Pharmaceuticals and Valera Pharmaceuticals have entered into a definitive agreement under which Indevus will acquire Valera in a transaction valued at $120 million plus contingent payments based on future product milestones.

Valera focuses on the development and commercialization of urology and endocrinology products. The company markets Vantas for advanced prostate cancer and has multiple products in clinical development including Supprelin-LA for central precocious puberty for which the company has filed an NDA. The company also expects to submit an sNDA in the first half of 2007 for Valstar for the treatment of BCG-refractory bladder cancer. Other products in development include a biodegradable ureteral stent for post-kidney stone lithotripsy and an octreotide implant for the treatment of acromegaly.

“The acquisition of Valera firmly establishes Indevus as an emerging leader in the specialty areas of urology and men’s health and fully leverages our national sales force,” said Glenn L. Cooper, M.D., chairman and chief executive officer of Indevus. “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.”

“We have greatly admired Indevus as a company and we believe this partnership is a smart fit for Valera. As we entered into discussion for a co-promotional arrangement with Indevus, it became apparent that our product offerings, the patient and physician benefits, and the potential for shareholder returns would be enhanced by leveraging the strengths of the combined companies,” stated David S. Tierney, M.D., president and chief executive officer of Valera.

Dr. Tierney will provide consulting services during a transition period after the completion of the transaction. Valera’s facility in Cranbury, NJ, which contains manufacturing operations and R&D capabilities, will be maintained and become an integral part of Indevus’ operations.