Research & Development
Endo International to acquire BioSpecifics Technologies Corp's outstanding shares
20 October 2020 -

Endo International plc (NASDAQ: ENDP), a specialty pharmaceutical company, has agreed to acquire all of the outstanding shares of BioSpecifics Technologies Corp (NASDAQ: BSTC), a commercial-stage biopharmaceutical company, it was reported on Monday.

The deal is valued at USD88.50 in cash per share or an estimated enterprise value of around USD540m (net of approximately USD120 million in cash acquired) at the expected time of deal closure.

Endo has had a strategic relationship with BioSpecifics since 2004, under which BioSpecifics has received a royalty stream from Endo regarding Endo's collagenase-based therapies that include XIAFLEX, marketed by Endo Pharmaceuticals, intended for the treatment of Dupuytren's contracture and Peyronie's disease, and Qwo, the first FDA-approved injectable treatment for cellulite, which is likely to be introduced by Endo Aesthetics in Spring 2021.

The transaction is expected to close in late 2020 and Endo expects to fund the transaction with cash on hand. The deal has been unanimously approved by the boards of directors of both firms.

Login
Username:

Password: