BioSpecifics Agrees To Be Acquired By Endo For Equity Value Of About $658.0 Mln
(RTTNews) - BioSpecifics Technologies Corp. (BSTC) agreed to be acquired by Endo International plc (ENDP) for an estimated equity value of about $658.0 million or $88.50 per share in cash.
The deal was approved by both BioSpecifics' and Endo's Boards of Directors and is anticipated to close during the fourth quarter of 2020.
As per terms of the deal, Endo will commence an all-cash tender offer for all outstanding shares of BioSpecifics common stock at a price of $88.50 per share.
Endo said that The Edwin H. Wegman Marital Trust has reached a support agreement committing it to tender its shares into the tender offer.
Endo noted that it has had a strategic partnership with BioSpecifics since 2004.
As per the terms of the partnership, BioSpecifics receives a royalty stream from Endo related to Endo's collagenase-based therapies, which currently include XIAFLEX, marketed by Endo, for the treatment of Dupuytren's contracture and Peyronie's disease, and Qwo, the first FDA-approved injectable treatment for cellulite, which is expected to be launched by Endo Aesthetics in Spring 2021.
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