Indevus Pharmaceuticals, Inc. has closed the previously announced sale of Sanctura marketing rights from Odyssey Pharmaceuticals, Inc. to Esprit Pharma Holding Company, Inc. As a result, the previously announced amendments to the Company's License, Commercialization and Supply Agreement relating to Sanctura are now in effect.

Esprit Pharma is a recently formed, privately held pharmaceutical company. The lead investors in Esprit Pharma are New Enterprise Associates (NEA), Domain Associates, and APAX Partners. John Spitznagel, former CEO of Roberts Pharmaceuticals and ESP Pharma (recently sold to Protein Design Labs, Inc.), has been appointed as Chief Executive Officer. The executive management team of Esprit Pharma also includes many of the former senior managers who worked with Mr. Spitznagel at both Roberts Pharmaceuticals and ESP Pharma.

Indevus Pharmaceuticals currently markets Sanctura for overactive bladder and has multiple compounds in clinical development, including PRO 2000 for the prevention of infection by HIV and other sexually transmitted pathogens, pagoclone for stuttering, aminocandin for systemic fungal infections, and IP 751 for interstitial cystitis.