Endo to acquire BioSpecifics

By The Science Advisory Board staff writers

October 19, 2020 -- Endo will acquire all shares of BioSpecifics Technologies for $88.50 per share, or an estimated total of $540 million. As part of the acquisition, BioSpecifics will receive a royalty stream from Endo's collagenase-based therapies, including Xiaflex and Qwo, which were developed by BioSpecifics.

Xiaflex is approved for the treatment of Dupuytren's contracture and Peyronie's disease. Qwo is the first U.S. Food and Drug Administration (FDA)-approved injectable treatment for cellulite, and is expected to be launched by Endo Aesthetics in spring 2021.

Under terms of the merger agreement, Endo will commence an all-cash tender offer to acquire 100% of the outstanding common stock of BioSpecifics for $88.50 per share. Upon successful completion of the tender offer, Endo's acquisition subsidiary will be merged into BioSpecifics. The transaction is expected to close in late 2020 and Endo expects to fund the transaction with cash on hand.

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