AAIPHARMA CONCLUDES AUCTION TO SELL PHARMACEUTICALS

aaiPharma today announced that Xanodyne Pharmaceuticals was selected as the winning bidder at the conclusion of a Bankruptcy Court approved auction held yesterday for the sale of substantially all of the assets of its Pharmaceuticals division. The winning bid, which is subject to Bankruptcy Court approval, provides for a cash purchase price of $209.25 million, which is approximately $40 million higher than Xanodyne's original "stalking horse" offer that aaiPharma had announced as part of its chapter 11 bankruptcy filing on May 10, 2005.

Genetic Engineering News (http://www.genengnews.com/news/bnitem.aspx?name=1010438XSL_NEWSML_TO_NEWSML_WEB.xml)