We welcome and fully support thisacquisition

5 /PRNewswire-FirstCall/ EndoPharmaceuticals (Nasdaq: ENDP) and Indevus Pharmaceuticals, Inc. (Nasdaq:IDEV) announced today that they have entered into a merger agreement underwhich Endo will commence a tender offer to acquire 100 percent of theoutstanding shares of Indevus for approximately $370 million, or $4.50 perIndevus share, in cash, and up to an additional approximately $267 million, or$3.00 per Indevus share, in cash payable in the future upon achievement ofcertain regulatory and sales milestones.The transaction has been approved bythe boards of directors of both companies.David Holveck, president and chief executive officer of Endo, stated, "Thismerger reflects our desire to expand our business beyond pain management intocomplementary medical areas where we can be innovative and competitive. Webelieve this expansion of our product line has significant growth potentialbecause of the therapeutic value of the Indevus product portfolio, the uniqueexpertise of both companies, and the demographic, health care andreimbursement trends that favor the consideration of new products to addressunmet needs in urology and endocrinology."These trends demand that pharmaceutical companies become better health carepartners with physicians and managed care organizations by offering a range ofnew products and technologies in related medical specialties that achievebetter outcomes for patients.This transaction represents a uniqueopportunity for us to achieve these goals.The combined company will marketnine products through three specialty sales forces and have the capability todevelop innovative new therapies using a novel drug delivery technology.Webelieve this will make Endo a stronger competitor, a more valuable health caresupplier and a more successful company."Indevus chairman and chief executive officer, Glenn L. Cooper, M.D., stated,"This transaction allows us to capture significant value for our shareholdersand create new value for patients, physicians and shareholders of bothcompanies under Endo's leadership.We believe Endo's proven commercialcapabilities, targeted approach to medical marketing and unique understandingof the changes taking place in health care delivery today will ensure thesuccess of our current and future products.We welcome and fully support thisacquisition."Endo expects that the transaction will be dilutive to the company's earningsin 2009 and is targeted to become accretive to Endo's earnings in 2010.Endoexpects to achieve up to $40 million in cost savings and will provide morecomplete financial guidance during its fourth quarter and full-year earningsconference call in February.Novel Products and Drug-Delivery TechnologyEndo currently markets proprietary and generic products for the treatment andmanagement of pain.Indevus currently markets products to treat overactivebladder, prostate cancer and central precocious puberty and is pursuingregulatory approval of drugs to treat hypogonadism and bladder cancer.Mr. Holveck noted, "In addition to the very successful drug, VANTAS(R), we areparticularly excited about the opportunity to add three innovative drugtherapies, SUPPRELIN(R) LA, NEBIDO(R) and octreotide implant, to our productportfolio.All three are intended to address significant patient needs inunder-served medical markets, while SUPPRELIN LA and octreotide use thepatented HYDRON drug delivery technology which may also have utility in painmanagement."SUPPRELIN LA is a currently marketed product that provides a continuous,12-month, controlled dose of histrelin to treat central precocious puberty.

It employs the HYDRON Implant, a subcutaneous, retrievable, non-biodegradable,hydrogel reservoir drug delivery device designed to provide sustained releaseof a broad spectrum of drugs continuously, at constant, predetermined rates. The HYDRON Implant is the only soft, flexible, reservoir-based drug deliverysystem designed for easy, in-office physician insertion under localanesthesia.NEBIDO is a novel, long-acting injectable testosterone depot being developedfor the treatment of male hypogonadism.Indevus is currently preparing acomplete response for submission to the U.S. Food and Drug Administration inthe first half of 2009 to support regulatory review of the company's pendingapplication to market NEBIDO as the first long-acting testosterone preparationavailable in the United States.Octreotide implant is in Phase III clinical testing for the treatment ofacromegaly, a chronic hormone disorder resulting from excessive production ofgrowth hormone.It utilizes HYDRON polymer technology to deliver six monthsof octreotide.VANTAS is a soft, flexible hydrogel implant currently marketed in the U.S.,Canada, Argentina, Europe and Asia for the palliative treatment of advancedprostate cancer.The product utilizes the company's HYDRON polymer technologyto allow for controlled delivery of histrelin over a 12-month period.Indevus also has a strong pipeline of additional development projects and ispreparing to reintroduce VALSTARTM for the treatment of bacillusCalmette-Guerin (BCG)-refractory bladder cancer patients who are notcandidates for bladder removal (cystectomy).There are approximately 29,000BCG-refractory bladder cancer patients per year in the United States, of whomabout 15,000 patients are not candidates for cystectomy.Transaction SummaryEndo will effect the acquisition through a tender offer by BTB Purchaser Inc.,a wholly owned subsidiary of Endo, for all outstanding shares of Indevuscommon stock in which Indevus stockholders will receive for each share ofIndevus common stock tendered $4.50 in cash up front, plus up to an additional$3.00 per share in cash payable, consisting of up to $2.00 per share linked tocertain milestones for NEBIDO, and $1.00 per share payable upon approval ofthe octreotide implant.The tender offer will expire at midnight New Yorktime on the 45th day following and including the commencement date, unlessextended in accordance with the terms of the merger agreement and theapplicable rules and regulations of the Securities and Exchange Commission.The tender offer, if successful, will be followed by a second-step merger inwhich any shares of Indevus not tendered into the offer will be converted intothe right to receive the same per share consideration paid to Indevusshareholders in the tender offer.The consummation of the tender offer is subject to the satisfaction or waiverof certain conditions, including: (i) a minimum of the majority of outstandingIndevus shares on a fully diluted basis having been tendered into the offer,(ii) the expiration or termination of the waiting period under the Hart ScottRodino Antitrust Improvements Act, (iii) the absence of litigation orgovernmental action challenging or seeking to prohibit the offer or themerger, (iv) there not havingbeen a material adverse change with respect toIndevus, and (v) other customary conditions.The tender offer is not subjectto a financing condition.Conference Call and WebCast InformationEndo's management team will host a conference call and audio Webcast onMonday, January 5 at 5:30 p.m. EST to discuss this transaction.Interestedparties may call 866-700-5192 (domestic) or 617-213-8833 (international) andenter code 56825052.Please dial in 15 minutes prior to the scheduled starttime.A replay of the call will be available until 12:00 a.m. EST on January12 by dialing 888-286-8010 (domestic) or 617-801-6888 (international),passcode 16542748.A simultaneous audio Webcast of the call may be accessed by visiting replay of the Webcast will be available until 12:00 a.m. ESTon January 12.The replay can be accessed by clicking on "Events" in theInvestor Relations section of the Website.Please connect to the Website atleast 15 minutes prior to the start of the conference call to ensure adequatetime for any software download that may be necessary.Analyst Meeting InformationEndo Pharmaceuticals will host an analyst meeting in New York on Tuesday,January 6, 2009 to discuss this transaction further.Registration begins at11:30 a.m. EST, and the presentation and Webcast will take place from 12:00 to2:00 p.m.

EST.For more information or to register for the EndoPharmaceuticals analyst meeting, please email or call212-300-8324.The analyst meeting will also be simultaneously Webcast fromEndo's Website at Indevus PharmaceuticalsIndevus Pharmaceuticals, Inc. is a specialty pharmaceutical company engaged inthe acquisition, development, and commercialization of products to treatconditions in urology and endocrinology.The company's approved productsinclude SANCTURA(R) and SANCTURA XRTM for overactive bladder, VANTAS(R) foradvanced prostate cancer, SUPPRELIN(R) LA for central precocious puberty, andDELATESTRYL(R) to treat male hypogonadism.The company's most advancedcompounds in development include, VALSTARTM for bladder cancer, NEBIDO(R) forhypogonadism, PRO 2000 for the prevention of infection by HIV and othersexually-transmitted pathogens, the octreotide implant for acromegaly andcarcinoid syndrome, and pagoclone for stuttering.About Endo PharmaceuticalsEndo Pharmaceuticals is a specialty pharmaceutical company engaged in theresearch, development, sale and marketing of branded and generic prescriptionpharmaceuticals used primarily to treat and manage pain.Its products includeLIDODERM(R), a topical patch to relieve the pain of postherpetic neuralgia;PERCOCET(R) and PERCODAN(R) tablets for the relief of moderate-to-moderatelysevere pain; FROVA(R) tablets for the acute treatment of migraine attacks withor without aura in adults; OPANA(R) tablets for the relief ofmoderate-to-severe acute pain where the use of an opioid is appropriate;OPANA(R) ER tablets for the relief of moderate-to-severe pain in patientsrequiring continuous, around-the-clock opioid treatment for an extended periodof time; and VOLTAREN(R) gel, a nonsteroidal anti-inflammatory drug indicatedfor the relief of the pain of osteoarthritis of joints amenable to topicaltreatment.The company markets its branded pharmaceutical products tophysicians in pain management, neurology, surgery, oncology, and primary care. More information, including this and past press releases of EndoPharmaceuticals, is available at Stanley acted as financial advisor and Skadden, Arps, Slate, Meagher &Flom LLP acted as legal advisor to Endo for this transaction.UBS InvestmentBank acted as financial advisor and Burns & Levinson LLP acted as legaladvisor to Indevus.Safe Harbor StatementThis press release contains forward-looking statements within the meaning ofthe Private Securities Litigation Reform Act of 1995.Statements includingwords such as "believes," "expects," "anticipates," "intends," "estimates,""plan," "will," "may," "intend," "guidance" or similar expressions areforward-looking statements. Because these statements reflect our currentviews, expectations and beliefs concerning future events, theseforward-looking statements involve risks and uncertainties. Investors shouldnote that many factors could affect our future financial results and couldcause our actual results to differ materially from those expressed inforward-looking statements contained in this press release. Risks anduncertainties include the satisfaction of closing conditions for theacquisition, including clearance under the Hart-Scott-Rodino AntitrustImprovements Act; the tender of a majority of the outstanding shares of commonstock of Indevus; the possibility that the transaction will not be completed,or if completed, not completed on a timely basis; the possibility that theacquisition of Indevus is not complementary to Endo; the potential that marketsegment growth will not follow historical patterns; general industryconditions and competition; business and economic conditions, such as interestrate and currency exchange rate fluctuations; technological advances andpatents attained by competitors; challenges inherent in new productdevelopment, including obtaining regulatory approvals; domestic and foreignhealth care reforms and governmental laws and regulations; and trends towardhealth care cost containment; and other risks and uncertainties, includingthose detailed from time to time in our periodic reports filed with theSecurities and Exchange Commission, including our current reports on Form 8-K,quarterly reports on Form 10-Q and annual reports on Form 10-K, particularlythe discussion under the caption "Item 1A, RISK FACTORS" in our annual reporton Form 10-K/A for the year ended December 31, 2007, which was filed with theSecurities and Exchange Commission on April 29, 2008.