PATTERSON, N.Y., Sept. 30 /PRNewswire-FirstCall/ -- Penwest
Pharmaceuticals (Nasdaq: PPCO) ("Penwest") today announced that it
will hold a special meeting of its shareholders at 10:00 a.m., local time, on Thursday, Nov. 4, 2010 at the offices of Skadden,
Arps, Slate, Meagher & Flom LLP, Four Times Square,
New York, NY 10036, to vote on the
proposal to approve the merger of West Acquisition Corp. ("West"),
an indirect wholly owned subsidiary of Endo Pharmaceuticals
Holdings (Nasdaq: ENDP), with and into Penwest and to approve the
Agreement and Plan of Merger, dated as of Aug. 9, 2010, by and among Penwest, West and Endo
Pharmaceuticals ("Merger Agreement"). Only Penwest
shareholders of record as of the close of business on Sept. 24, 2010 will be entitled to notice of and
to vote at the special meeting of shareholders.
The approval of the Merger Agreement requires the affirmative
vote of the holders of a majority of all the outstanding shares of
Penwest common stock entitled to vote at the special meeting. Endo
Pharmaceuticals and its affiliates own approximately 90.56 percent
of the outstanding Penwest common stock, par value $0.001 per share, and their shares represent a
quorum and sufficient votes to approve the merger and the Merger
Agreement.
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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