By Lisa Kerner
Charlotte, N.C., Feb. 26 - Galderma Pharma SA agreed to acquire CollaGenex Pharmaceuticals, Inc. for $16.60 per share, or some $420 million, in a two-step merger transaction.
Galderma and CollaGenex are pharmaceutical companies that specialize in dermatology and have complementary products for the treatment of rosacea.
Galderma, through its U.S. holding company, Galderma Laboratories, Inc., will begin a cash tender offer for all outstanding shares of CollaGenex common stock followed by a merger. Holders of the outstanding shares of CollaGenex common stock not tendered in the offer will receive the same $16.60-per-share merger consideration.
Newton, Pa.-based CollaGenex will become a wholly owned subsidiary of Galderma following the merger's close in the second quarter, according to a company news release.
Holders of 95% of CollaGenex's outstanding series D-1 preferred stock and 9% of the company's common shares have agreed to sell their shares subject to the closing of the tender offer.
Cowen and Co. advised CollaGenex.
Galderma, based in Lausanne, Switzerland, was advised by Credit Suisse.
| Acquirer: | Galderma Pharma SA
|
| Target: | CollaGenex Pharmaceuticals, Inc.
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| Announcement date: | Feb. 26
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| Transaction total: | $420 million
|
| Price per share: | $16.60
|
| Expected closing: | Second quarter of 2008
|
| Stock price of target: | Nasdaq: CGPI: $12.80 on Feb. 25
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