A shareholder of Indevus Pharmaceuticals Inc (NASDAQ: IDEV) has filed a lawsuit on behalf of investors in Indevus Pharmaceuticals Inc (NASDAQ: IDEV) in effort to prevent its sale to Endo Pharmaceuticals Inc (ENDP.O) for $370 million.

The lawsuit alleges that the company and its directors breached their fiduciary duties by agreeing to the offer and merger at an inadequate price

Last week,Endo Pharmaceuticals announced to acquire Indevus Pharmaceuticals (NASDAQ: IDEV). Indevus Pharmaceuticals, Inc. (Indevus) is a specialty pharmaceutical company engaged in the acquisition, development and commercialization of products to treat conditions in urology and endocrinology. Under the terms of the proposed agreement, shareholders of Indevus Pharmaceuticals (NASDAQ: IDEV) will receive $4.50 cash for each share of Indevus Pharmaceuticals (NASDAQ: IDEV) they own. Indevus Pharmaceuticals (NASDAQ: IDEV) shareholders may also receive up to and additional $3.00 per share if certain regulatory and sales milestones are met over the next five years. The Board of Directors of Indevus Pharmaceuticals (NASDAQ: IDEV) agreed to a no-solicitation provision and a $20 million termination fee which will ensure no superior offer will ever be forthcoming. According to the lawsuit the shareholder claims arise from potential breaches of fiduciary duty and other violations of state law by the board of directors of Indevus Pharmaceuticals arising out of their attempt to sell the company to Endo Pharmaceuticals. Indevus Pharmaceuticals (NASDAQ: IDEV) shares traded above $6.50 during 2008 and in 2007 for over $7.8.

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