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news.Galderma Pharma and CollaGenex Pharmaceuticals have signed a definitive agreement pursuant to which Galderma's US holding company, Galderma Laboratories, will acquire all of the outstanding shares of CollaGenex at a price of $16.60 per share in cash, representing approximately $420 million for the equity of CollaGenex.
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The merger agreement provides for Galderma to acquire CollaGenex in a two-step transaction. The first step will consist of a cash tender offer for all outstanding shares of CollaGenex common stock at a price of $16.60 per share in cash. In the second step, the tender offer will be followed by a merger in which the holders of the outstanding shares of CollaGenex common stock not tendered in the offer will receive the same per share price paid in the tender offer, in cash. Upon completion of the merger, CollaGenex will become a wholly owned subsidiary of Galderma. The transaction was unanimously approved by the boards of directors of Galderma and CollaGenex.
Humberto Antunes, CEO of Galderma, said: “CollaGenex innovative products complement and enhance Galderma’s portfolio. This transaction should be neutral to Galderma’s net income in 2008 and accretive as of 2009.”