In August 2008, Cowen Royalty purchased $25 million in senior secured notes with a 16% cash coupon from an affiliate of Indevus Pharmaceuticals (acquired by Endo Pharmaceuticals). The notes were secured by royalties on U.S. sales of SANCTURA(R) and SANCTURA XR™, two products marketed in the U.S. by Allergan, Inc. for the treatment of overactive bladder (OAB). Cowen Royalty exited the investment ahead of its projections in November 2010.

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