NPS Pharmaceuticals Announces Results of Tender Offer

    BEDMINSTER, N.J., Oct. 18 /CNW/ -- NPS Pharmaceuticals, Inc. (Nasdaq:  
NPSP) announced today the expiration and final results of its cash tender
offer for any and all of its outstanding 3.0% Convertible Notes due 2008. The
tender offer expired at midnight, New York City time, on October 17, 2007.
    As of the expiration date of the tender offer, $171.2 million principal
amount of the notes, representing approximately 99.7% of the notes
outstanding, had been validly tendered pursuant to the tender offer, all of
which NPS Pharmaceuticals accepted for payment. Each holder who tendered notes
on or before the expiration date will receive $987.50 in cash for each $1,000
of principal amount of notes tendered, plus accrued and unpaid interest up to,
but not including, the date the notes are paid pursuant to the offer. After
payment for the tendered notes, and earlier open market repurchases, there
will be $598,000 principal amount of the notes remaining outstanding.
Jefferies & Company, Inc. acted as Dealer Manager in connection with the
tender offer.
    As a result of the repurchase of the convertible notes, NPS
Pharmaceuticals expects to record a charge in the fourth quarter of 2007 of
approximately $778,000 related to the write-off of deferred financing costs.
Offsetting this charge will be a gain on early extinguishment of debt of
approximately $1.3 million, net of the tender offer costs.
    NPS Pharmaceuticals is a biopharmaceutical company focused on the
development and commercialization of small molecules and recombinant proteins
as drugs, primarily for the treatment of metabolic, bone and mineral, and
central nervous system disorders. The company has drug candidates in various
stages of clinical development. Additional information is available on the
company's website,
    This press release contains forward-looking statements intended to
qualify for the "safe harbor" from liability established by the Private
Securities Litigation Reform Act of 1995. Forward-looking statements include,
but are not limited to, statements relating to strategies, expectations,
intentions, plans, future events, performance, underlying assumptions, and
other statements that do not relate strictly to historical or current facts.
Although NPS Pharmaceuticals' management believes that the expectations
reflected in such forward-looking statements are reasonable, it can give no
assurance that such expectations will prove to have been correct. These
statements can be affected by inaccurate assumptions and by a variety of risks
and uncertainties, including, among others, general economic conditions, the
success of the tender offer for the 3.0% Convertible Notes due 2008 and the
amount of any such notes actually tendered for repurchase or actually
repurchased by the company, the company's reported results meeting the
company's guidance and the expectations of the market, and other risks,
including risks related to NPS Pharmaceuticals' operations and financial
condition, detailed in NPS Pharmaceuticals' Annual Report on Form 10-K for the
year ended December 31, 2006, NPS Pharmaceuticals' Quarterly Reports on Form
10-Q for the quarters ended March 31, 2007 and June 30, 2007 and any other
reports of the company filed with the Securities and Exchange Commission.
Should one or more of these risks materialize, or should underlying
assumptions prove incorrect, actual results may vary materially from those
expressed or implied in any forward-looking statements. You are cautioned not
to place undue reliance on these forward-looking statements, which are current
only as of this date. NPS Pharmaceuticals does not undertake any obligation to
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise. For a discussion of these risks,
uncertainties and assumptions, investors are urged to refer to NPS
Pharmaceuticals' reports filed with the Securities and Exchange Commission.

For further information:

For further information: Brandi Simpson, +1-908-450-5616, or Gail
Brophy,  +1-908-450-5335, both of NPS Pharmaceuticals, Inc. Web Site:

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