Endo Pharmaceuticals Solutions (IDEV) 8-K Reform Act of 1995. These statements are based on current expectations of future events. Such statements

CIBC Annual Biotechnology & Specialty

Pharmaceuticals Conference

April 11, 2007

Exhibit 99.1

2

Safe Harbor Statement

This presentation contains “forward-looking statements”

as defined in the Private Securities Litigation

Reform Act of 1995. These statements are based on current expectations of future events. Such statements

include,

but

are

not

limited

to,

the

timing

of

completion

of

the

transaction

and

potential

purchase

accounting

charges. These statements are just predictions and are subject to risks and uncertainties that could cause

the actual events or results to differ materially. These risks and uncertainties include receipt of regulatory

and stockholder approval, integration of the two companies post-closing, market acceptance for the

transaction and approved products, management of rapid growth, risks of regulatory review and clinical

trials, intellectual property risks, and the need to acquire additional products. The reader is referred to the

documents that Indevus and Valera file from time to time with the Securities and Exchange Commission. 

Indevus and Valera do not undertake any obligation to publicly release the results of any revisions that may

be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events

or circumstances after the date of such statements.

3

Indevus Pharmaceuticals: An Emerging Leader in Urology

and Endocrinology

•

Indevus has established a commercial operation and late stage

pipeline focused on urology and endocrinology

•

Acquisition of Valera Pharmaceuticals is a perfect fit with the Indevus

corporate strategy of building a world class specialty pharmaceutical

company

•

Upon closing, the combined Company will have 3 marketed products

(one from Valera) and anticipates 5 product launches within 2 years

(2 in 2007 / 3 in 2008), including 3 from Valera

•

Fully leverages Indevus’

national sales force

•

Expected to be accretive within 2 years and significantly increase

EPS upon achievement of profitability

4

Indevus + Valera –

Product Pipeline

Building a Focused Portfolio of Products

CORE THERAPEUTIC AREAS

CORE THERAPEUTIC AREAS

Phase I     Phase II     Phase III        NDA

Market

Overactive bladder

SANCTURA XR

™

PRO 2000

Prevention of HIV

& other STDs

DELATESTRYL

®

Hypogonadism

NEBIDO

®

Hypogonadism

VANTAS

®

Prostate Cancer

SUPPRELIN

®

-LA

Central Precocious

Puberty

Overactive bladder

SANCTURA

®

VALSTAR

®

Bladder Cancer

Ureteral

Stent

Kidney Stones and

Other

Octreotide

Implant

Acromegaly

Indevus products in dark blue

Valera products in light blue

5

Indevus + Valera –

Product Pipeline

Partnered & Partnerable

Products

OTHER THERAPEUTIC AREAS

OTHER THERAPEUTIC AREAS

Preclinical   Phase I       Phase II      Phase III      Market

Pagoclone

Naltrexone

Implant

Drug Addiction

Hydron

Implant Tech

Stuttering

Serious fungal

infections

Aminocandin

PMDD

Sarafem

Other Uses

IP 751

Anti-inflammatory

Disorders

Indevus products in dark blue

Valera products in light blue

Licensed to Eli Lilly/Galen

Licensed to Novexel

6

Transaction Overview

•

Stock for Stock purchase of Valera Pharmaceuticals (VLRX)

•

$7.75 per share of Valera common stock with 10% collar

•

Deal Value ~ $120 Million + contingent payments

•

Contingent Payments in Indevus stock:

$1.00/share upon approval of SUPPRELIN

®

-LA and sufficient launch

quantities

$1.00/share upon approval of ureteral

stent

$1.50/share upon approval of octreotide

implant

•

Transaction expected to close on or about April 17, 2007

7

Product Portfolio

SANCTURA XR™

-

Overactive Bladder

Current Profile of SANCTURA

®

Only quaternary ammonium on the market

Low CNS side-effects

No clinically relevant metabolic drug-drug interactions

Excreted largely unchanged in the urine

Rapid onset of action

PLUS

Once-a-day dosing

Lower anti-cholinergic side effects

NDA Submitted –

October 2006

Two large Phase III trials with high-degree of efficacy

Landmark tolerability profile with 10.7% dry mouth rate

Target product launch –

2H 2007

U.S. OAB market in 2006: $1.5B (est.)

8

Product Portfolio

Co-Promotion Financial Terms with Esprit Pharma

Up Front and Approval Milestone

$150M

Phase III Initiation Milestone

$  10M

NDA Submission

$  10M

Future Milestones:

Approval

$35M

Commercialization (2013)

$20M

$125M+

20%

$  75 -

$125M

17.5%

$    0 -

$  75M

15%

Royalty Rates

Guaranteed Minimum Royalties

$10.5M

7/1/07-6/30/08

$  7.9M

7/1/06-6/30/07

$  5.6M

7/1/05-6/30/06

Esprit responsible for 100% of A&P expenses

Sales Force Subsidy:  $8.8MM per year

Co-promotion term:     December 2008

9

Product Portfolio

VANTAS

®

(histrelin

implant) -

Advanced Prostate Cancer

•

U.S. launch -

November 2004

•

Soft, flexible implant utilizing Hydron

Implant

Technology

•

12-month implant to deliver histrelin

(most

potent LHRH agonist) for the treatment of

advanced prostate cancer

•

Rapid sustained testosterone suppression

slows tumor growth

•

Total U.S. market for advanced prostate cancer

treatment > $600M

VANTAS

®

revenues for 2006:  $17.8M

•

Indevus has been co-promoting VANTAS with

85 additional sales representatives during Q1

2007

10

Product Portfolio

SUPPRELIN

®

-LA -

Central Precocious Puberty

•

12-month specifically formulated implant to deliver

histrelin

for the treatment of central precocious

puberty (CPP)

•

Provides consistent, reliable suppression for a 12-

month period

•

FDA Granted Orphan Drug Status in November

2005

•

Active agent previously approved for CPP

•

NDA submitted in June 2006

•

May 3, 2007 PDUFA date

Controlled diffusion

through implant wall

11

Valera Product Portfolio

SUPPRELIN

®

-LA -

Central Precocious Puberty

•

CPP is the early onset of puberty in young children

•

Incidence:

1

in

every

5,000

–

10,000

children

More common in female children

Patient age: typically under 9 years; as young as 4 years or less

Duration of therapy: 3 to 5 years or longer

•

U.S. prevalence: ~20,000 children

Treatment normally performed by pediatric endocrinologist

Hormonal suppression using LHRH agonist

•

Market dominated by single company

Approved leuprolide

depot suspension

Intramuscular injection

Administered to afflicted child every 3 to 4 weeks

Current price for Lupron

Depot-PED: $12,000 -

$15,000/yr

12

Product Portfolio

SUPPRELIN

®

-LA -

Market Opportunity

Market Research:  Ped

Endos

•

Implant conceptually attractive -

easier on families; less traumatic for kids

•

Steady 1-year hormonal suppression off-sets possible emotional “ups & downs”

associated with monthly injections

•

Expect improved compliance over multiple years of therapy; especially valuable for

younger patients who need up to 7 years of therapy

13 -

17 injections per year for 3 to 5 years

SUPPRELIN

®

-LA

Offer parents

a choice

This

Or

13

Product Portfolio

VALSTAR

®

(valrubicin) -

Bladder Cancer

•

Anthracycline

derivative of Doxorubicin solution for bladder

instillation

•

Current approved usage

29,000 BCG refractory patients per year (AUA est.)

•

15,000 –

not candidates for bladder removal

•

Valstar

®

is the only

approved product for these patients

•

FDA approved 1998

•

Product currently on FDA Drug Shortages List

•

Reformulation complete

Submission of supplemental NDA -

1H 2007

•

Possibility for other indications being explored

14

Product Portfolio

NEBIDO

®

-

Hypogonadism

•

Novel, long-acting preparation of testosterone undecanoate

•

First

and

ONLY

3-month

injection

•

Approved in over 80 countries

•

Phase

III

pharmacokinetic

study

complete

–

Q2

2007

•

Anticipated

NDA

submission

–

Summer

2007

•

Highly differentiable from existing therapies

•

U.S. market for testosterone replacement: $500M (est.)

15

Indevus Product Portfolio

NEBIDO

®

-

Hypogonadism

March 26

th

Trial Update

0% (0/103)

0% (0/97)

0%

% of Patients with C

max

> 2500ng/dl

0% (0/103)

4.1% (4/97)

<   5%

% of Patients with C

max

> 1800ng/dl

3.9% (4/103)

10.3% (10/97)

< 15%

% of Patients with C

max

> 1500ng/dl

~15%

~ 15%

Drop out rate

117 enrolled

120 enrolled

100

Patients

750mg/12week

1000mg/12 week

FDA

Guidelines

16

Product Portfolio

PRO 2000 -

Prevention of Sexual Transmission of HIV

•

Topical vaginal microbicide blocks pathogen entry into

susceptible cells

•

Active against a wide range of HIV isolates, chlamydia, herpes

and gonorrhea

•

Significant interest in female-controlled option

•

>$100M in designated funding by NIH and MRC

NIH Phase II/III trial –

3,200 women (on-going)

•

Enrollment completion expected by end of Summer

MRC Phase III trial –

10,000 women (on-going)

•

Enrollment completion expected first half of 2008

Multiple DSMB reviews already conducted

•

Large market opportunity

Traditional pharmaceutical pricing in U.S./Europe

Commodity pricing in developing world

17

Product Portfolio

Octreotide

Implant -

Acromegaly

•

6 month octreotide

(somatostatin

analog) implant to treat

acromegaly

•

Acromegaly: a chronic hormonal disorder

Excessive growth hormone & abnormal physical features

Higher incidence of diabetes & cardiovascular disease

•

Current

therapy:

Sandostatin

®

Daily or Monthly injections

2005 Worldwide Sales –

$900 million

•

U.S. sales for acromegaly

–

$200 million

18

Product Portfolio

Octreotide

Implant -

Acromegaly

•

Approximately 1,000 new acromegaly

patients per year

Treated by endocrinologists

•

Completed

Phase

I/II

study

demonstrating

significant

suppression

of

growth hormone and IGF-1 levels for 6 months

•

Phase II study on-going

•

Phase III trial to begin late 2007 / early 2008

Primary endpoint -

suppression of growth hormone and IGF-1 levels at

1 month

Studies designed to follow patients for 7 months

19

Product Portfolio

Biodegradable Ureteral

Stent

•

Presently,

conventional

non-biodegradable

stents

are

inserted

into

the

ureter

to

allow

urine

to

drain

when

the

flow

of

urine

may

be

obstructed

Approximately

1.2

million

procedures

per

year

for

the

removal

of

kidney

stones

in

U.S.

Estimated

800,000

ureteral

stents

used

per

year

•

Vast

majority

of

kidney

stone

removals

are

done

by

urologists

•

Currently

available

ureteral

stents

require

physician

intervention

for

removal

from

the

body

•

Biodegradable

stent

offers

multiple

potential

advantages:

Patient

comfort

Single

procedure

–

no

need

for

retrieval

Lack

of

encrustation

Considered

highly

desirable

by

urology

consultants

•

Device

application

(510k)

may

be

submitted

by

end

of

2007

20

Product Portfolio

Pagoclone -

Persistent Stuttering

•

Over 3 million patients in the U.S. with persistent stuttering

•

Novel, selective GABA-A receptor agonist

•

Complete toxicology, pharmacology and manufacturing packages for

NDA with more than 1,000 patients studied in previous anxiety trials

•

Successful

Phase

II

trial

completed

–

May

2006

•

Phase

III

to

include

adult

and

pediatric

studies

–

SPA

discussions

on-going

•

Fixed-dose response trials

6-month duration

Quantitative and qualitative primary and secondary endpoints

•

Worldwide rights to compound

21

Financial Highlights

Combined Company –

pro forma

$72.6 million in LTM revenues

$87.4 million in Cash (12/31/06)

Acquisition expected to be accretive within 2 years

Identified synergies of approximately $5.0 million per year

Valera

14.9 million shares outstanding

$18.0 million in LTM revenues

$13.9 million in LTM Net Loss

$14.1 million in Cash (12/31/06)

No Debt

22

2007 Milestones

Begin VANTAS

®

co-promotion

NEBIDO interim results reported

SUPPRELIN

®

-LA approval and launch

VALSTAR

®

supplemental NDA submission

NEBIDO

®

NDA submission

SANCTURA XR™

approval and launch

Octreotide

Implant Phase II results

Biodegradable Ureteral

Stent

510k submission

23

Additional Merger Information and Where to Find It

•

In

connection

with

the

merger

between

Indevus

and

Valera,

Indevus

filed

a

registration

statement

on

Form

S-4

with

the

SEC,

containing

a

joint

proxy

statement/prospectus

and

other

relevant

materials.

Such

joint

proxy

statement/prospectus

is

not

an

offer

to

sell

and

is

not

soliciting

an

offer

to

buy

these

securities

in

any

jurisdiction

where

the

offer

or

sale

is

not

permitted.

This

final

joint

proxy

statement/prospectus

was

mailed

on

or

about

March

14,

2007

to

the

stockholders

of

Indevus

and

Valera.

INVESTORS

AND

SECURITY

HOLDERS

OF

INDEVUS

AND

VALERA

ARE

URGED

TO

READ

THE

JOINT

PROXY

STATEMENT/PROSPECTUS

AND

THE

OTHER

RELEVANT

MATERIALS

BECAUSE

THEY

WILL

CONTAIN

IMPORTANT

INFORMATION

ABOUT

INDEVUS,

VALERA

AND

THE

MERGER.

The

registration

statement

and

joint

proxy

statement/prospectus

and

other

relevant

materials

including

supplements

and

amendments

(when

they

become

available),

and

any

other

documents

filed

by

Indevus

or

Valera

with

the

SEC,

may

be

obtained

free

of

charge

at

the

SEC’s

web

site

at:

http://www.sec.gov.

In

addition,

investors

and

security

holders

may

obtain

free

copies

of

the

documents

(when

they

are

available)

filed

with

the

SEC

by

Indevus

by

directing

a

request

to:

Indevus

Pharmaceuticals,

Inc.,

33

Hayden

Avenue,

Lexington,

MA

02421-7966,

Attn:

Investor

Relations.

Investors

and

security

holders

may

obtain

free

copies

of

the

documents

filed

with

the

SEC

by

Valera

by

contacting

Valera

Pharmaceuticals,

Inc.,

7

Clarke

Drive,

Cranbury,

NJ

08512,

Attn:

Investor

Relations.

Participants in the Merger Solicitation

•

Indevus,

Valera

and

their

respective

executive

officers

and

directors

may

be

deemed

to

be

participants

in

the

solicitation

of

proxies

from

the

stockholders

of

Indevus

and

Valera

in

favor

of

the

merger.

Information

about

the

executive

offers

and

directors

of

Indevus

and

their

ownership

of

Indevus

common

stock

is

set

forth

in

Indevus’

Annual

Report

on

Form

10-K

for

the

year

ended

September

30,

2006,

which

was

filed

with

the

SEC

on

December

7,

2006,

as

amended

by

the

Annual

Repot

on

Form

10-K/A

filed

with

the

SEC

on

January

26,

2007,

and

the

joint

proxy

statement/prospectus

for

Indevus’

2007

Annual

and

Special

Meeting

of

Stockholders,

which

was

filed

with

the

SEC

on

March

13,

2007.

Information

regarding

Valera’s

director

and

executive

officers

and

their

ownership

of

Valera

common

stock

is

set

forth

in

Valera’s

Annual

Report

on

Form

10-K

for

the

year

ended

December

31,

2006,

which

was

filed

with

the

SEC

on

February

22,

2007,

and

the

joint

proxy

statement/prospectus

for

Valera’s

2007

Special

Meeting

of

Stockholders,

which

was

filed

with

the

SEC

on

March

13,

2007.