Indevus Acquired - Take the $$$

Just two short weeks ago, we initiated coverage of Indevus Pharmaceuticals (IDEV) with a Buy rating and $6 price target. Paramount to our investment thesis was the eventual approval of Nebido in late calendar 2009.

We were encouraged by the fact that management has come to an agreement with the FDA on the re-filing of the Nebido NDA, and believed that approval will be a transformational event for Indevus. We were also bullish on the rest of the pipeline.

Endo Pharmaceuticals (ENDP) must agree, having just signed a definitive merger agreement with Indevus worth up to $7.50 per share to Indevus shareholders. We are advising clients to take the money as such, our rating is now Hold.

Read the full analyst report on IDEV

Read the full analyst report on IDEV

Read the full analyst report on ENDP