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An investor in Penwest Pharmaceuticals (NASDAQ:PPCO) filed a lawsuit in State Court against Penwest Pharmaceuticals , its board of directors, Penwest Pharmaceuticals largest shareholders, and Endo Pharmaceuticals Holdings for selling Penwest too cheaply too Endo.

Penwest Pharmaceuticals Co., located in Danbury, CT, is a drug development company focused on identifying and developing products, which addresses unmet medical needs, primarily for rare disorders of the nervous system. According to the complaint the defendants attempt to sell Penwest Pharmaceuticals to Endo Pharmaceuticals Holdings, Inc via an unfair sales process and at an unfair price. On Monday, August 09, 2010, Penwest Pharmaceuticals Co. (Nasdaq:PPCO) announced that it has entered into a merger agreement under which its long-time partner in the development and commercialization of Opana(R) ER, Endo Pharmaceuticals (Nasdaq:ENDP), has agreed to acquire all of the common stock of Penwest for $5.00 per share in cash. The total equity value of the transaction is approximately $168 million. According to Penwest Pharmaceuticals Co.its board of directors unanimously approved the agreement and the offer represents a premium of 47% over the 30-day average of Penwest shares and 19% based on the closing price of Friday August 6.