Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
KELSO EQUITY PARTNERS V L P
   2. Issuer Name and Ticker or Trading Symbol
ENDO PHARMACEUTICALS HOLDINGS INC [ENDP] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
320 PARK AVENUE, 		 3. Date of Earliest Transaction (Month/Day/Year)
11/30/2005
(Street)

NEW YORK, NY 10022		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock, par value $.01 per share (1) 11/30/2005   X   88 D $ 2.42 17,138,171 I By Endo Pharma LLC (2) (3)
Common Stock, par value $.01 per share (1) 11/30/2005   X   329 D $ 2.42 17,137,842 I By Endo Pharma LLC (2) (3)
Common Stock, par value $.01 per share (1) 11/30/2005   X   315 D $ 3 17,137,527 I By Endo Pharma LLC (2) (3)
Common Stock, par value $.01 per share (1) 11/30/2005   X   356 D $ 3 17,137,170 I By Endo Pharma LLC (2) (3)

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Call Option (obligation to sell) $ 2.42 11/30/2005   X     88 10/13/2005 08/26/2007 Common Stock 88 $ 2.42 27,659 I By Endo Pharma LLC (2) (3)
Call Option (obligation to sell) $ 2.42 11/30/2005   X     329 10/13/2005 08/26/2007 Common Stock 329 $ 2.42 4,106 I By Endo Pharma LLC (2) (3)
Call Option (obligation to sell) $ 3 11/30/2005   X     315 10/13/2005 08/26/2007 Common Stock 315 $ 3 1,146 I By Endo Pharma LLC
Call Option (obligation to sell) $ 3 11/30/2005   X     356 10/13/2005 08/26/2007 Common Stock 356 $ 3 22,811 I By Endo Pharma LLC

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
KELSO EQUITY PARTNERS V L P
320 PARK AVENUE
NEW YORK, NY 10022		     X    
NICKELL FRANK T
C/O KELSO & COMPANY
320 PARK AVENUE
NEW YORK, NY 10022		     X    
BERNEY PHILIP E
C/O KELSO & COMPANY
320 PARK AVENUE
NEW YORK, NY 10022		     X    
BYNUM FRANK K
C/O KELSO & COMPANY
320 PARK AVENUE
NEW YORK, NY 10022		     X    
WALL THOMAS R IV
C/O KELSO & COMPANY
320 PARK AVENUE
NEW YORK, NY 10022		     X    
GOLDBERG MICHAEL B
C/O KELSO & COMPANY
320 PARK AVENUE
NEW YORK, NY 10022		   X   X    
MATELICH GEORGE E
C/O KELSO & COMPANY
320 PARK AVENUE
NEW YORK, NY 10022		     X    
SCHUCHERT JOSEPH S
C/O KELSO & COMPANY
320 PARK AVENUE
NEW YORK, NY 10022		     X    
WAHRHAFTIG DAVID I
C/O KELSO & COMPANY
320 PARK AVENUE
NEW YORK, NY 10022		   X   X    
Loverro Frank J
320 PARK AVENUE
NEW YORK, NY 10022		     X    

Signatures

 /s/James J. Connors, II   12/02/2005
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Kelso Equity Partners V, L.P. ("KEP V") is the designated filer.
(2) KEP V may be deemed to share beneficial ownership of shares of Common Stock owned of record by Endo Pharma LLC by virtue of its status as a member of Endo Pharma LLC. KEP V shares investment and voting power along with the other members of Endo Pharma LLC with respect to securities owned by Endo Pharma LLC, but disclaims beneficial ownership of such securities except to the extent of its pecuniary interest.
(3) Each individual reporting person may be deemed to share beneficial ownership of shares of Common Stock owned of record by KEP V, by virtue of his status as a general partner of the general partner of KEP V, and each individual shares investment and voting power along with the other general partners of KEP V, but disclaims beneficial ownership of such securities except to the extent of his pecuniary interest.

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