-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, V8ryKP6QTYinri0sPy1Rw55ev6crCytOCqu9UEQJ3Zs0vcx5JN4Vi3Z4muH4jkCG cKMeGFDVdaI8noJW/Z1MEA== 0001193805-08-001482.txt : 20080530 0001193805-08-001482.hdr.sgml : 20080530 20080530163247 ACCESSION NUMBER: 0001193805-08-001482 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20080530 DATE AS OF CHANGE: 20080530 GROUP MEMBERS: DEERFIELD CAPITAL, L.P. GROUP MEMBERS: DEERFIELD INTERNATIONAL LIMITED GROUP MEMBERS: DEERFIELD MANAGEMENT COMPANY, L.P. GROUP MEMBERS: DEERFIELD PARTNERS, L.P. GROUP MEMBERS: DEERFIELD SPECIAL SITUATIONS FUND INTERNATIONAL LIMITED GROUP MEMBERS: DEERFIELD SPECIAL SITUATIONS FUND, L.P. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PENWEST PHARMACEUTICALS CO CENTRAL INDEX KEY: 0001047188 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 911513032 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-55303 FILM NUMBER: 08871095 BUSINESS ADDRESS: STREET 1: 39 OLD RIDGEBURY ROAD STREET 2: SUITE 11 CITY: DANBURY STATE: CT ZIP: 06810-5120 BUSINESS PHONE: 877-736-9378 MAIL ADDRESS: STREET 1: 39 OLD RIDGEBURY ROAD STREET 2: SUITE 11 CITY: DANBURY STATE: CT ZIP: 06810-5120 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Flynn James E CENTRAL INDEX KEY: 0001352546 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: BUSINESS PHONE: 212-551-1600 MAIL ADDRESS: STREET 1: 780 THIRD AVENUE STREET 2: 37TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 SC 13G 1 e603912_sc13g-penwest.txt SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G (Rule 13d-102) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES 13d-1 (b) (c), AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2 (b) (Amendment No. )* Penwest Pharmaceuticals Co. - -------------------------------------------------------------------------------- (Name of Issuer) Common Stock - -------------------------------------------------------------------------------- (Title of Class of Securities) 709754105 - -------------------------------------------------------------------------------- (CUSIP Number) May 21, 2008 - -------------------------------------------------------------------------------- (Date of Event which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: |_| Rule 13d-1(b) |X| Rule 13d-1(c) |_| Rule 13d-1(d) Page 1 of 13 Pages *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). ================================================================================ CUSIP No. 709754105 13G Page 2 of 13 Pages - -------------------------------------------------------------------------------- (1) NAMES OR REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS Deerfield Capital, L.P. - -------------------------------------------------------------------------------- (2) CHECK APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS): (a) |_| (b) |X| - -------------------------------------------------------------------------------- (3) SEC USE ONLY - -------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- (5) SOLE VOTING POWER 0 ----------------------------------------------------------------- NUMBER OF (6) SHARED VOTING POWER SHARES BENEFICIALLY 605,465 OWNED BY ----------------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER REPORTING PERSON 0 WITH ----------------------------------------------------------------- (8) SHARED DISPOSITIVE POWER 605,465 - -------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 605,465 - -------------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |_| - -------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 1.91% - -------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) PN ================================================================================ Page 2 of 13 Pages ================================================================================ CUSIP No. 709754105 13G Page 3 of 13 Pages - -------------------------------------------------------------------------------- (1) NAMES OR REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS Deerfield Partners, L.P. - -------------------------------------------------------------------------------- (2) CHECK APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS): (a) |_| (b) |X| - -------------------------------------------------------------------------------- (3) SEC USE ONLY - -------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- (5) SOLE VOTING POWER 0 ----------------------------------------------------------------- NUMBER OF (6) SHARED VOTING POWER SHARES BENEFICIALLY 144,800 OWNED BY ----------------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER REPORTING PERSON 0 WITH ----------------------------------------------------------------- (8) SHARED DISPOSITIVE POWER 144,800 - -------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 144,800 - -------------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |_| - -------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) .46% - -------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) PN ================================================================================ Page 3 of 13 Pages ================================================================================ CUSIP No. 709754105 13G Page 4 of 13 Pages - -------------------------------------------------------------------------------- (1) NAMES OR REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS Deerfield Special Situations Fund, L.P. - -------------------------------------------------------------------------------- (2) CHECK APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS): (a) |_| (b) |X| - -------------------------------------------------------------------------------- (3) SEC USE ONLY - -------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- (5) SOLE VOTING POWER 0 ----------------------------------------------------------------- NUMBER OF (6) SHARED VOTING POWER SHARES BENEFICIALLY 460,665 OWNED BY ----------------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER REPORTING PERSON 0 WITH ----------------------------------------------------------------- (8) SHARED DISPOSITIVE POWER 460,665 - -------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 460,665 - -------------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |_| - -------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 1.46% - -------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) PN ================================================================================ Page 4 of 13 Pages ================================================================================ CUSIP No. 709754105 13G Page 5 of 13 Pages - -------------------------------------------------------------------------------- (1) NAMES OR REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS Deerfield Management Company, L.P. - -------------------------------------------------------------------------------- (2) CHECK APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS): (a) |_| (b) |X| - -------------------------------------------------------------------------------- (3) SEC USE ONLY - -------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION New York - -------------------------------------------------------------------------------- (5) SOLE VOTING POWER 0 ----------------------------------------------------------------- NUMBER OF (6) SHARED VOTING POWER SHARES BENEFICIALLY 1,092,185 OWNED BY ----------------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER REPORTING PERSON 0 WITH ----------------------------------------------------------------- (8) SHARED DISPOSITIVE POWER 1,092,185 - -------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,092,185 - -------------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |_| - -------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 3.45% - -------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) PN ================================================================================ Page 5 of 13 Pages ================================================================================ CUSIP No. 709754105 13G Page 6 of 13 Pages - -------------------------------------------------------------------------------- (1) NAMES OR REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS Deerfield International Limited - -------------------------------------------------------------------------------- (2) CHECK APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS): (a) |_| (b) |X| - -------------------------------------------------------------------------------- (3) SEC USE ONLY - -------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands - -------------------------------------------------------------------------------- (5) SOLE VOTING POWER 0 ----------------------------------------------------------------- NUMBER OF (6) SHARED VOTING POWER SHARES BENEFICIALLY 255,200 OWNED BY ----------------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER REPORTING PERSON 0 WITH ----------------------------------------------------------------- (8) SHARED DISPOSITIVE POWER 255,200 - -------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 255,200 - -------------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |_| - -------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) .81% - -------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) CO ================================================================================ Page 6 of 13 Pages ================================================================================ CUSIP No. 709754105 13G Page 7 of 13 Pages - -------------------------------------------------------------------------------- (1) NAMES OR REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS Deerfield Special Situations Fund International Limited - -------------------------------------------------------------------------------- (2) CHECK APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS): (a) |_| (b) |X| - -------------------------------------------------------------------------------- (3) SEC USE ONLY - -------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands - -------------------------------------------------------------------------------- (5) SOLE VOTING POWER 0 ----------------------------------------------------------------- NUMBER OF (6) SHARED VOTING POWER SHARES BENEFICIALLY 836,985 OWNED BY ----------------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER REPORTING PERSON 0 WITH ----------------------------------------------------------------- (8) SHARED DISPOSITIVE POWER 836,985 - -------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 836,985 - -------------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |_| - -------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 2.65% - -------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) CO ================================================================================ Page 7 of 13 Pages ================================================================================ CUSIP No. 709754105 13G Page 8 of 13 Pages - -------------------------------------------------------------------------------- (1) NAMES OR REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS James E. Flynn - -------------------------------------------------------------------------------- (2) CHECK APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS): (a) |_| (b) |X| - -------------------------------------------------------------------------------- (3) SEC USE ONLY - -------------------------------------------------------------------------------- (4) CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------------------------------------------------------------------- (5) SOLE VOTING POWER 0 ----------------------------------------------------------------- NUMBER OF (6) SHARED VOTING POWER SHARES BENEFICIALLY 1,697,650 OWNED BY ----------------------------------------------------------------- EACH (7) SOLE DISPOSITIVE POWER REPORTING PERSON 0 WITH ----------------------------------------------------------------- (8) SHARED DISPOSITIVE POWER 1,697,650 - -------------------------------------------------------------------------------- (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,697,650 - -------------------------------------------------------------------------------- (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |_| - -------------------------------------------------------------------------------- (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 5.37% - -------------------------------------------------------------------------------- (12) TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IN ================================================================================ Page 8 of 13 Pages ================================================================================ CUSIP No. 709754105 13G Page 9 of 13 Pages - -------------------------------------------------------------------------------- Item 1(a). Name of Issuer: Penwest Pharmaceuticals Co. -------------------------------------------------------------------- Item 1(b). Address of Issuer's Principal Executive Offices: 39 Old Ridgebury Road, Suite 11 Danbury, Connecticut 06810-5120 -------------------------------------------------------------------- Item 2(a). Name of Person Filing: James E. Flynn, Deerfield Capital, L.P., Deerfield Partners, L.P., Deerfield Special Situations Fund, L.P., Deerfield Management Company, L.P., Deerfield International Limited, Deerfield Special Situations Fund International Limited -------------------------------------------------------------------- Item 2(b). Address of Principal Business Office, or if None, Residence: James E. Flynn, Deerfield Capital, L.P., Deerfield Partners, L.P. Deerfield Special Situations Fund, L.P., Deerfield Management Company, L.P., 780 Third Avenue, 37th Floor, New York, NY 10017 Deerfield International Limited, Deerfield Special Situations International Limited c/o Bisys Management, Bison Court, Columbus Centre, P.O. Box 3460, Road Town, Tortola, British Virgin Islands -------------------------------------------------------------------- Item 2(c). Citizenship: Mr. Flynn - United States citizen Deerfield Capital, L.P., Deerfield Partners, L.P. and Deerfield Special Situations Fund, L.P. - Delaware limited partnerships Deerfield Management Company, L.P. - New York limited partnership Deerfield International Limited and Deerfield Special Situations International Limited - British Virgin Islands corporations -------------------------------------------------------------------- Item 2(d). Title of Class of Securities: Common Stock -------------------------------------------------------------------- Item 2(e). CUSIP Number: 709754105 -------------------------------------------------------------------- Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b) or (c), Check Whether the Person Filing is a: (a) |_| Broker or dealer registered under Section 15 of the Exchange Act. (b) |_| Bank as defined in Section 3(a)(6) of the Exchange Act. (c) [_] Insurance company as defined in Section 3(a)(19) of the Exchange Act. (d) |_| Investment company registered under Section 8 of the Investment Company Act. (e) |_| An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E); (f) |_| An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F); ================================================================================ CUSIP No. 709754105 13G Page 10 of 13 Pages - -------------------------------------------------------------------------------- (g) |_| A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G); (h) |_| A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act; (i) |_| A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act; (j) |_| Group, in accordance with Rule 13d-1(b)(1)(ii)(J). Item 4. Ownership. Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1. (a) Amount beneficially owned: Deerfield Capital, L.P. - 605,465 shares Deerfield Partners, L.P. - 144,800 shares Deerfield Special Situations Fund, L.P. - 460,665 shares Deerfield Management Company, L.P. - 1,092,185 shares Deerfield International Limited - 255,200 shares Deerfield Special Situations International Limited - 836,985 shares James E. Flynn - 1,697,650 shares ----------------------------------------------------------------------- (b) Percent of class: Deerfield Capital, L.P. - 1.91% Deerfield Partners, L.P. - .46% Deerfield Special Situations Fund, L.P. - 1.46% Deerfield Management Company, L.P. - 3.45% Deerfield International Limited - .81% Deerfield Special Situations International Limited - 2.65% James E. Flynn - 5.37% ----------------------------------------------------------------------- (c) Number of shares as to which such person has: (i) Sole power to vote or to direct the vote James Flynn - 0 All other Reporting Persons - 0 ------------------, (ii) Shared power to vote or to direct the vote Deerfield Capital, L.P. - 605,465 Deerfield Partners, L.P. - 144,800 Deerfield Special Situations Fund, L.P. - 460,665 Deerfield Management Company, L.P. - 1,092,185 Deerfield International Limited - 255,200 Deerfield Special Situations Fund International Limited - 836,985 James E. Flynn - 1,697,650 ------------------ ================================================================================ CUSIP No. 709754105 13G Page 11 of 13 Pages - -------------------------------------------------------------------------------- (iii) Sole power to dispose or to direct the disposition of James Flynn - 0 All other Reporting Persons - 0 ------------------, (iv) Shared power to dispose or to direct the disposition of Deerfield Capital, L.P. - 605,465 Deerfield Partners, L.P. - 144,800 Deerfield Special Situations Fund, L.P. - 460,665 Deerfield Management Company, L.P. - 1,092,185 Deerfield International Limited - 255,200 Deerfield Special Situations Fund International Limited - 836,985 James E. Flynn - 1,697,650 ------------------, Item 5. Ownership of Five Percent or Less of a Class. If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities check the following [ ]. ----------------------------------------------------------------------- Item 6. Ownership of More Than Five Percent on Behalf of Another Person. If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than five percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. N/A ----------------------------------------------------------------------- Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person. If a parent holding company or Control person has filed this schedule, pursuant to Rule 13d-1(b)(1)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company or control person has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. N/A ----------------------------------------------------------------------- ================================================================================ CUSIP No. 709754105 13G Page 12 of 13 Pages - -------------------------------------------------------------------------------- Item 8. Identification and Classification of Members of the Group. If a group has filed this schedule pursuant to ss.240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to ss.240.13d-1(c) or ss.240.13d-1(d), attach an exhibit stating the identity of each member of the group. See Exhibit B ----------------------------------------------------------------------- Item 9. Notice of Dissolution of Group. Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5. N/A ----------------------------------------------------------------------- Item 10. Certifications. "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having such purpose or effect." ================================================================================ CUSIP No. 709754105 13G Page 13 of 13 Pages - -------------------------------------------------------------------------------- SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. DEERFIELD CAPITAL, L.P. By: J.E. Flynn Capital LLC, General Partner By: /s/ Darren Levine ---------------------------------- Darren Levine, Attorney-In-Fact DEERFIELD PARTNERS, L.P. By: Deerfield Capital, L.P. By: J.E. Flynn Capital LLC, General Partner By: /s/ Darren Levine ---------------------------------- Darren Levine, Attorney-In-Fact DEERFIELD SPECIAL SITUATIONS FUND, L.P. By: Deerfield Capital, L.P. By: J.E. Flynn Capital LLC, General Partner By: /s/ Darren Levine ---------------------------------- Darren Levine, Attorney-In-Fact DEERFIELD MANAGEMENT COMPANY, L.P. By: Flynn Management LLC General Partner By: /s/ Darren Levine ---------------------------------- Darren Levine, Attorney-In-Fact DEERFIELD INTERNATIONAL LIMITED By: Deerfield Management Company By: Flynn Management LLC, General Partner By: /s/ Darren Levine ---------------------------------- Darren Levine, Attorney-In-Fact DEERFIELD SPECIAL SITUATIONS FUND INTERNATIONAL LIMITED By: Deerfield Management Company By: Flynn Management LLC, General Partner By: /s/ Darren Levine ---------------------------------- Darren Levine, Attorney-In-Fact JAMES E. FLYNN /s/ Darren Levine - ---------------------------------- Darren Levine, Attorney-In-Fact Date: May 29, 2008 Exhibit List Exhibit A. Joint Filing Agreement. Exhibit B. Item 8 Statement. Exhibit C (1). Power of Attorney. (1) Previously filed as Exhibit 24 to a Form 4 with regard to PAR Pharmaceutical Companies, Inc. filed with the Commission on February 1, 2007 by Deerfield Capital L.P.; Deerfield Partners, L.P.; Deerfield Management Company, L.P.; Deerfield International Limited; Deerfield Special Situations Fund, L.P.; Deerfield Special Situations Fund International Limited; and James E. Flynn. Exhibit A Agreement The undersigned agree that this Schedule 13G and all amendments thereto, relating to the Common Stock of Penwest Pharmaceuticals Co. shall be filed on behalf of the undersigned. DEERFIELD CAPITAL, L.P. By: J.E. Flynn Capital LLC, General Partner By: /s/ Darren Levine ---------------------------------- Darren Levine, Attorney-In-Fact DEERFIELD PARTNERS, L.P. By: Deerfield Capital, L.P. By: J.E. Flynn Capital LLC, General Partner By: /s/ Darren Levine ---------------------------------- Darren Levine, Attorney-In-Fact DEERFIELD SPECIAL SITUATIONS FUND, L.P. By: Deerfield Capital, L.P. By: J.E. Flynn Capital LLC, General Partner By: /s/ Darren Levine ---------------------------------- Darren Levine, Attorney-In-Fact DEERFIELD MANAGEMENT COMPANY, L.P. By: Flynn Management LLC General Partner By: /s/ Darren Levine ---------------------------------- Darren Levine, Attorney-In-Fact DEERFIELD INTERNATIONAL LIMITED By: Deerfield Management Company By: Flynn Management LLC, General Partner By: /s/ Darren Levine ---------------------------------- Darren Levine, Attorney-In-Fact DEERFIELD SPECIAL SITUATIONS FUND INTERNATIONAL LIMITED By: Deerfield Management Company By: Flynn Management LLC, General Partner By: /s/ Darren Levine ---------------------------------- Darren Levine, Attorney-In-Fact JAMES E. FLYNN /s/ Darren Levine - ---------------------------------- Darren Levine, Attorney-In-Fact Date: May 29, 2008 Exhibit B Due to the relationships between them, the reporting persons hereunder may be deemed to constitute a "group" with one another for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934. -----END PRIVACY-ENHANCED MESSAGE-----