(RTTNews) - Indevus Pharmaceuticals, Inc. (IDEV | charts | news | PowerRating)said it agreed to acquire and Valera Pharmaceuticals, Inc. (VLRX | charts | news | PowerRating) in a stock transaction for $7.75 per share, or an aggregate value of approximately $120 million, plus contingent payments of up to $3.50 per share based on the achievement of future product milestones.
The merger has been approved by the boards of directors of Indevus and Valera and is expected to be completed on or around April 30, 2007, subject to customary closing conditions.
Valera gapped up sharply Tuesday and is up 2.49 at $7.90. The stock is trading at a 4-month high and has re-crossed its 200-day moving average.
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