Pharma BD Deal Intelligence

Endo Pharmaceuticals Inc. / Penwest Pharmaceuticals Co.

2010 · Acquisition/Merger · $144M · Complete

WRONG BY 58 POINTS
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The coverage arc

Aug 09, 2010 FierceBiotech Bullish

FierceBiotech reported the deal as immediately accretive to 2010 EPS via royalty elimination and tax attributes, with Endo raising guidance to $3.30-$3.35 —…

Aug 09, 2010 Penwest Pharmaceuticals Form 8-K Exhibit 99.1 Bullish

Penwest Pharmaceuticals agreed to be acquired by Endo for $5.00 per share in cash, with Endo being Penwest's long-time partner in the development and…

Dec 01, 2010 Benzinga / Zacks Neutral

Zacks maintained a neutral long-term stance (#3 Hold) on Endo following the back-to-back Penwest and Qualitest deals, citing solid OPANA economics offset by…

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Endo agreed to acquire Penwest at $5.00/share cash, ~$144M enterprise value. Eliminates royalty stream on OPANA ER. Closed November 4, 2010.

Did it work? Outcome assessment

Strategic verdict
Partially Achieved
Financial impact
Impaired/Written Down
Pipeline outcome
Assets Terminated

Key facts

Related deals — scored

DealYearValueOutcome
Endo Pharmaceuticals Inc. / Penwest Pharmaceuticals Co. (this deal)2010$144M13
Endo Pharmaceuticals Inc. / Algos Pharmaceutical Corporation2000$250M34
Endo Pharmaceuticals Inc. / Indevus Pharmaceuticals, Inc.2009$370M33
Endo Pharmaceuticals Inc. / SkyePharma plc2003$120M17
Endo Pharmaceuticals Inc. / HealthTronics, Inc.2010$223M17
Endo Pharmaceuticals Inc. / Qualitest Pharmaceuticals2010$1.2B17
Endo Pharmaceuticals Inc. / American Medical Systems Holdings, Inc.2011$2.9B13

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