Combined PPC/Endo Pipeline/Stage of Development

Compound Indication Discovery PC Phase 1 Phase II Phase III

                       

Frova menstrual migraine                    

                     

Rapinyl breakthrough cancer pain                    

Ketoprofen Patchacute pain (soft tissue inj)

LidoPAIN BP acute lower back pain                    

                     

 Lidoderm other indications; not PHN                   

                     

EN3285 oral mucositis

CHRONOGESIC Chronic mod-severe pain

Sufentanil Patch Chronic mod-severe pain

NGF/p75-trkA                      

ASIC 1                      

ASIC 3                      

Confidential1

Chadds Ford, PA www.endo.com

Transaction Rationale– Endo seeks & PPC can provide: Additional validated pain products for a primarily late stage pipeline. Secondary indications may be of interest to Endo, as they are looking to expand into related markets.

PPC seeks & Endo can provide: US presence and access to US stock exchange, Phase II & III products, experience developing topical analgesic treatment, strong financial position.

Company Description - Endo Pharmaceuticals Holdings Inc was established in 1920 as a specialty pharmaceutical company focused on developing branded and generic treatments for pain. Flagship products include the Lidoderm patch and Percocet. In July 2004, Endo obtained exclusive rights to market Vernalis‘ [menstrually associated] migraine therapy, frovatriptan. They currently hold the rights to commercialize EpiCept’s LidoPAIN BP for acute low back pain, and have 8 products in clinical development. Endo’s 2006 sales were $909.7M USD. The company currently has approximately 1000 employees.

Therapeutic Areas

• Pain- Chronic

•Pain- Acute

• Pain- Neuropathic

•Neurology, Oncology

5 June 2007

Management

Peter A. Lankau CEO, President

Dr. David A.H. Lee CSO, VP, R&DCaroline B. Manogue Chief Legal Officer, SecretaryCharles A. Rowland, Jr. CFO, Treasurer

Board of Directors

Carol A. Ammon Chairman of the Board

John J. Delucca

Michel de Rosen

George F. Horner III

Michael Hyatt

Roger H. Kimmel

Peter A. Lankau

Dr. Clive A. Meanwell

Financial Snapshot ($USD million, except for Share Prices, or unless otherwise stated)

Symbol ENDP Shares O/S 133.60 Revenues (ttm) ###### Top Institutional Holders

Share Price $35.03 Mkt. Cap. 4.68 B Income (ttm) $174.45 Capital Research & Mgmt Co. 9.19%

52-Week High $35.3 Cash $730.9 Price/Sales 4.84 Barclays Global Investors UK Ltd 6.13%

Low $26.68 Tech. Value $4.0 Quarterly Burn $0.68 Royce & Associates, Inc. 5.88%