CollaGenex shareholder dissatisfied by timing of pending Galderma deal

By Lisa Kerner

Charlotte, N.C., March 19 - Jack W. Schuler, a long-time investor in CollaGenex Pharmaceuticals, Inc., said he is disappointed that CollaGenex is being acquired by Galderma Pharma SA before the company's pipeline of new products, including Oracea, have "reached their full potential."

Schuler disclosed his 4.6% beneficial ownership of CollaGenex's outstanding shares in a statement released on Wednesday.

As previously reported, Galderma agreed to acquire CollaGenex for $16.60 per share, or some $420 million. 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.

Both pharmaceutical companies specialize in dermatology and have complementary products for the treatment of rosacea.

Schuler said he hasn't decided how he will respond to Galderma's tender offer.

The Schuler Family Foundation, a charitable foundation, owns some 294,190 shares, or 1.4%, of CollaGenex common stock, the statement said.

Newton, Pa.-based CollaGenex will become a wholly owned subsidiary of Galderma following the merger's close in the second quarter, according to a prior news release.

Galderma is located in Lausanne, Switzerland.

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