X0202 4 2007-04-17 1 0001305409 Valera Pharmaceuticals Inc VLRX 0001245926 DANTZKER DAVID C/O WHEATLEY PARTNERS, LP 80 CUTTERMILL ROAD GREAT NECK NY 11021 1 0 0 0 Common Stock 2007-04-17 4 D 0 5861 D 0 I Wheatley MedTech Partners, LLC owns the subject shares. Stock Option 3.00 2007-04-17 4 D 0 15000 D 2013-12-01 Common Stock 15000 0 D Stock Option 8.85 2007-04-17 4 D 0 7500 D 2016-05-23 Common Stock 7500 0 D Disposed of pursuant to the Merger Agreement dated December 11, 2006 by and among the Issuer, Indevus Pharmaceuticals, Inc. ("Indevus") and Indevus' wholly-owned subsidiary Hayden Merger Sub, Inc. ("Hayden") pursuant to which the Issuer was the surviving entity in a merger with Hayden and became a wholly-owned subsidiary of Indevus. In the merger, the entity for which the Reporting Person serves as a member received an aggregate of 6,644 shares of Indevus common stock having a market value of $7.05 per share, the closing price of Indevus' common stock on the Nasdaq Global Market on April 17, 2007, the closing date of the merger, plus for each share of the Issuer's common stock disposed, three contingent stock rights ("CSRs") convertible into $1.00 of Indevus common stock, $1.00 of Indevus common stock, $1.50 of Indevus common stock, respectively, if applicable milestones are achieved with respect to three of the Issuer's product candidates. The Reporting Person is a member of Wheatley MedTech Partners, LLC; however, he disclaims beneficial ownership of such shares, except to his pecuniary interest, and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of all of the reported shares for purposes of Section 16 or any other purpose. This option vested ratably on an annual basis over a four year period beginning on 12/01/03. This option was exchanged for 10,422 shares of Indevus common stock, plus Indevus' unfunded and unsecured promise to issue, in the future, the number of shares of Indevus common stock that would have been issuable had option holders received CSRs. This option would have vested completely on 5/23/07. This option, the exercise price of which was $8.85, was exchanged for Indevus' unfunded and unsecured promise to issue, in the future, a number of shares of Indevus common stock determined by a formula intended to provide value equivalent to the CSRs, net of the option exercise price exceeding $7.75. No fraction of a share of Indevus common stock was issued to the Reporting Person by virtue of the merger, but in lieu thereof Indevus paid or has agreed to pay to the Reporting Person an amount of cash (rounded to the nearest whole cent), equal to the product of: (i) any such fraction resulting from the merger, multiplied by (ii) $6.836. s/ David S. Tierney, M.D., Attorney in Fact for David Dantzker 2007-04-18