Law Offices of Howard G. Smith Announces Investigation On Behalf of Shareholders of Penwest Pharmaceuticals Co.

Law Offices of Howard G. Smith announces that it is investigating potential claims against the board of directors of Penwest Pharmaceuticals Co. ("Penwest” or the "Company”) (NASDAQ:PPCO) related to the Company’s agreement to be acquired by Endo Pharmaceuticals Holdings Inc. ("Endo”). The proposed all-cash transaction is valued at approximately $168 million.

Under the terms of the merger agreement entered into by the parties, Endo will commence a tender offer to acquire all of the outstanding common stock of Penwest for $5.00 per share in cash. The tender offer is expected to commence shortly and to be completed in September 2010. Endo will acquire any Penwest shares that are not purchased in the tender offer in a second-step merger, which is expected to be completed in the fourth quarter of 2010, at the same per-share price paid in the tender offer. The investigation concerns possible breaches of fiduciary duty and other violations of law related to approval of the proposed transaction by Penwest’s board of directors.

If you own shares of Penwest, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.