(RTTNews) - Shares of Endo International plc (ENDP) are gaining 7% on Monday morning after the company said it will acquire BioSpecifics Technologies Corp. (BSTC) for an estimated equity value of $658.0 million.
ENDP is currently trading at $5.35, up $0.37 or 7.43%, on the Nasdaq.
Endo International will buy BioSpecifics Technologies for an estimated equity value of around $658.0 million or $88.50 per share in cash.
The transaction was unanimously approved by both BioSpecifics' and Endo's Boards of Directors and is anticipated to close during the fourth quarter of 2020.
"BioSpecifics Technologies Corp. pioneered the development of collagenase-based therapies, which has resulted in a robust injectable collagenase (CCH) portfolio, consisting of XIAFLEX to treat the vast number of diseases and medical conditions caused by the excess accumulation of collagen and Qwo for the treatment of cellulite," said CEO Joseph Truitt.
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