PATTERSON, N.Y., Oct. 15 /PRNewswire-FirstCall/ -- Penwest
Pharmaceuticals (Nasdaq: PPCO) ("Penwest") today announces its
intention to strike the shares of its common stock from listing and
registration on The NASDAQ Stock Market ("NASDAQ"). Penwest intends
to take this action in connection with the anticipated merger (the
"Merger") of West Acquisition Corp. ("Merger Sub"), an indirect
wholly-owned subsidiary of Endo Pharmaceuticals Holdings Inc.
("Endo") (Nasdaq: ENDP), with and into Penwest pursuant to the
Agreement and Plan of Merger among Penwest, Merger Sub and Endo,
dated August 9, 2010. As previously
announced, a special meeting of Penwest shareholders will be held
on November 4, 2010 to approve the
Merger. Endo and its affiliates own approximately 90.56% of Penwest
common stock, and their shares represent sufficient votes to
approve the Merger. Penwest intends to consummate the Merger as
soon as possible following shareholder approval pursuant to
applicable law. Following the completion of the Merger, shares of
Penwest common stock will no longer be listed or registered on
NASDAQ, or any other stock exchange or quotation system, and upon
application to the SEC will be deregistered under the Exchange Act
of 1934. Following the completion of the Merger, Penwest will no
longer be a public company.
About Penwest
Penwest is a drug development company focused on identifying and
developing products that address unmet medical needs, primarily for
rare disorders of the nervous system. We are currently developing
A0001, or a-tocopherolquinone, a coenzyme Q analog, for inherited
mitochondrial respiratory chain diseases. We are also applying our
drug delivery technologies and drug formulation expertise to the
formulation of product candidates under licensing collaborations.
www.penwest.com.
SOURCE Penwest Pharmaceuticals
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