Activists sell Penwest

After capturing a majority of the board seats at Penwest Pharmaceuticals Co. (NASDAQ:PPCO) in June, activist investors Tang Capital and Perceptive Life Sciences have engineered the exit that they began campaigning for in March 2009 (see BioCentury, June 28).

Endo Pharmaceuticals Holdings Inc. (NASDAQ:ENDP) will acquire its drug delivery partner in a tender offer of $5 per share, or $168 million in cash. In 2009, Penwest recognized $19.3 million in royalties from Endo related to sales of pain drug Opana ER oxymorphone...