CHADDS FORD, PA--(Marketwire - November 17, 2008) - Endo Pharmaceuticals (NASDAQ: ENDP) announced today that it has accepted UBS AG’s settlement offer relating to auction rate securities purchased by Endo from affiliates of UBS AG. Pursuant to the terms of the settlement offer, Endo Pharmaceuticals will be entitled to require UBS AG to purchase eligible auction rate securities for a price equal to original par value plus accrued but unpaid dividends or interest beginning on June 30, 2010 and ending on July 2, 2012. Endo Pharmaceuticals has also granted affiliates of UBS AG the sole discretion to sell or otherwise dispose of the eligible auction rate securities at any time until July 2, 2012, without prior notification to Endo Pharmaceuticals, so long as Endo Pharmaceuticals receives par value plus accrued but unpaid dividends or interest upon the sale. In addition, affiliates of UBS AG will make “no net cost” loans available to Endo at any time prior to June 30, 2010 in an amount up to 75% of the market value of the eligible auction-rate securities at the time of the loan. By accepting the settlement offer, Endo Pharmaceuticals released UBS AG, its affiliates and their respective employees and agents from all claims in connection with the auction rate securities except claims for consequential damages directly or indirectly relating to UBS’s marketing and sale of auction rate securities.
