(Source: PRNewswire-FirstCall)CHADDS FORD, Pa., Aug. 26 /PRNewswire-FirstCall/ -- Endo Pharmaceuticals announced today the commencement of a cash tender offer by its wholly-owned subsidiary, Endo Pharmaceuticals Solutions Inc., for any and all outstanding Ledgemont PhaRMA(SM) Secured 16% Notes due 2024 (the "Notes") of Ledgemont Royalty Sub LLC, Endo Pharmaceuticals Solutions Inc.'s wholly-owned subsidiary. The purpose of the tender offer is to acquire any and all Notes to reduce the consolidated interest expense of Endo.

The tender offer is being made pursuant to an Offer to Purchase, dated August 26, 2009, and related Letter of Transmittal, dated August 26, 2009, which set forth the terms and conditions and a more detailed description of the tender offer. The tender offer will expire at 5:00 p.m., New York City time, on September 24, 2009 (the "expiration time"), unless extended or earlier terminated.

The following table summarizes the material pricing terms for the tender offer:

                            PRINCIPAL  TENDER OFFER    EARLY     TOTAL EARLY                TITLE        AMOUNT    CONSIDERATION   TENDER   CONSIDERATION   CUSIP NO.   OF NOTES    OUTSTANDING     (1)        PAYMENT(1)    (1)(2)    52328N AA3  Ledgemont               PhaRMA(SM)               Secured 16%               Notes due               2024        $105,000,000    $950          $50        $1,000    (1) Per $1,000 principal amount of Notes accepted for payment by Endo       Pharmaceuticals Solutions Inc.   (2) The total early consideration includes the early tender payment and       is payable only in respect of Notes validly tendered (and not       validly withdrawn) at or prior to 5:00 p.m., New York City time, on       September 9, 2009, unless extended (the "early tender deadline") and       accepted for payment by Endo Pharmaceuticals Solutions Inc.   

Holders must tender their Notes at or prior to the early tender deadline to be eligible to receive the total early consideration of $1,000 per $1,000 principal amount of Notes. Holders who tender their Notes after such time and at or prior to the expiration time will be eligible to receive the tender offer consideration of $950 per $1,000 principal amount of Notes, which is the total early consideration less the early tender payment. Payments for Notes purchased also will include accrued and unpaid interest on the Notes from the last interest payment date for the Notes to, but excluding, the payment date, which will occur on or before the third business day following the date that Endo Pharmaceuticals Solutions Inc. accepts Notes for purchase pursuant to the tender offer or promptly thereafter.

Endo Pharmaceuticals Solutions Inc.'s obligation to accept for purchase and to pay the tender offer consideration or the total early consideration, as outlined in the table above, as applicable, and the accrued and unpaid interest on Notes validly tendered (and not validly withdrawn) pursuant to the tender offer is conditioned upon the satisfaction or waiver of certain conditions. The tender offer is not conditioned upon any minimum principal amount of the Notes being tendered.

Notes tendered prior to the early tender deadline may be validly withdrawn at any time at or prior to 5:00 p.m., New York City time, on September 9, 2009, but not thereafter unless required by law.

Endo Pharmaceuticals Solutions Inc. has retained Morgan Stanley & Co.