Indevus will buy New Jersey firm

Indevus Pharmaceuticals Inc., a Lexington firm that focuses on urology, gynecology, and men's health, said it has agreed to acquire Valera Pharmaceuticals Inc. of New Jersey in a stock transaction with a value of at least $120 million.

Valera's focus is on urology and endocrinology products; one product on the market is Vantas for advanced prostate cancer.

"The acquisition of Valera firmly establishes Indevus as an emerging leader in the specialty areas of urology and men's health and fully leverages our national sales force," Indevus chief executive Glenn L. Cooper said in a statement.

Under the agreement, Valera could also receive contingent payments based on the achievement of future product milestones, the companies said.

The transaction has been approved by the boards of both companies. Subject to regulatory clearance and approval by the companies' stockholders, the transaction is expected to be completed on or around April 30.

In late morning trading on the Nasdaq Stock Market, Indevus shares were down 83 cents, or nearly 11 percent, to $7.03, while Valera shares were up $2.48, or nearly 46 percent, to $7.89.
(By Chris Reidy, Globe staff)