BioSpecifics announces the completion of its acquisition by Endo Pharmaceuticals
WILMINGTON, Del., December 2, 2020 / PRNewswire / – BioSpecifics Technologies Corp. (NASDAQ: BSTC), a biopharmaceutical company that has created and continues to develop collagenase-based therapies with a first-class collagenase product marketed as XIAFLEX® in North America, today announced the successful completion of its acquisition by Endo International plc (Endo) for approximately $ 658.2 million in equity value.
Endo’s cash tender offer (the “Offer”) to acquire all of the issued and outstanding shares of BioSpecifics common stock at a purchase price of $ 88.50 per share expired one minute later 11:59 p.m., new York It’s time December 1, 2020. Computershare Trust Company, NA, the custodian and paying agent of the Offer, has indicated that approximately 6,159,975 common shares of BioSpecifics have been validly deposited and not validly withdrawn, representing approximately 82.8% of the outstanding common shares. of BioSpecifics on a fully diluted basis. All the conditions of the Offer have been fulfilled, and the December 2, 2020, Endo has accepted payment and will pay as quickly as possible for all validly deposited and invalidly withdrawn shares.
The acquisition was completed on December 2, 2020 through a merger of Beta Acquisition Corp., an indirect wholly owned subsidiary of Endo, with and in BioSpecifics, BioSpecifics continuing as a surviving entity, in accordance with Section 251 (h) of the Delaware General Corporation Law without vote of the shareholders of BioSpecifics. As part of the merger, the shares of BioSpecifics which had not been tendered before the expiry of the Offer were converted into the right to receive the consideration of $ 88.50 per share. Following the completion of the merger, the common shares of BioSpecifics will be delisted from the Nasdaq Global Market.
About BioSpecifics Technologies Corp.
BioSpecifics Technologies Corp. is a commercial-stage biopharmaceutical company. The Company has discovered and developed a proprietary form of injectable collagenase (“CCH”), which is currently marketed by the Company’s partner, Endo, under the name XIAFLEX® in North America for the treatment of Dupuytren’s contracture and Peyronie’s disease. Endo announced that it has received FDA approval for CCH for the treatment of moderate to severe cellulitis in the buttocks of adult women; Qwo ™ is expected to be commercially available in the United States from the first half of 2021. CCH’s research and development pipeline includes several additional potential indications, including adhesive capsulitis and plantar fibromatosis. For more information, please visit www.biospecifics.com.
About Endo International plc
Endo International plc (NASDAQ: ENDP) is a specialty pharmaceutical company committed to helping all those it serves to live the best of their lives through the provision of quality life-enhancing therapies. Endo’s decades of proven success come from a global team of passionate employees who work together to deliver the best treatments. Together, Endo boldly transforms knowledge into treatments that benefit those who need it, when they need it. Endo is headquartered in Dublin, Ireland and the US headquarters at Malvern, Pennsylvania. For more information, please visit www.endo.com.
The statements included above that are not a description of historical facts are forward-looking statements. Words or expressions such as “believe”, “can”, “could”, “will”, “estimate”, “continue”, “anticipate”, “intend to”, “seek”, “plan”, “ ‘expect’, ‘should’, ‘would’, or similar phrases are intended to identify forward-looking statements. Such forward-looking statements include, without limitation, statements regarding the expected completion and timing of the payment of Endo for the shares tendered, the delisting of the ordinary shares of the Company, the current intention, belief and expectations of the Company and of its senior management team and the board of directors, potential indications, research and development plans, indications under development, and the timing and timing of the commercial launch of Qwo ™ Risks and uncertainties that could cause results to differ from expectations include, but are not limited to: commercial effects cial, including the effects of industry, economic or political conditions beyond the control of the Company; transaction costs; real or contingent liabilities; the timing of filings and regulatory actions; Endo’s ability to meet its objectives for XIAFLEX® and Qwo ™; the market for XIAFLEX® and the timing, initiation and results of clinical trials for other indications; the potential of XIAFLEX® to be used in additional indications; Endo modify its objectives or allocate resources other than XIAFLEX® and Qwo ™; negative impacts on business, operating results or financial condition in the future due to pandemics, epidemics or epidemics, such as COVID-19; and the risks and uncertainties relating to the activities of the Company, including, without limitation, the risks and uncertainties detailed in the annual report of the Company on Form 10-K for the year ended. December 31, 2019, its quarterly report on form 10-Q for the period ended September 30, 2020, and its other documents filed with the Securities and Exchange Commission.
You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and the Company assumes no obligation to revise or update such statements to reflect events or circumstances after the date hereof, except as required by law. required.
SOURCE BioSpecifics Technologies Corp.