CollaGenex Pharmaceuticals, Inc. (NASDAQ: CGPI) has agreed to be acquired by Galderma Pharma SA overseas for $16.60 per share share in cash in a merger valued at approximately $420 million.
CollaGenex is focused on developing and marketing proprietary medical therapies to the dermatology market. Its product Oracea was launched in July 2006 and is the first FDA-approved systemic product for the treatment of rosacea.
Galderma is also in dermatology and was originally formed in 1981 as a joint venture between Nestlé and L'Oréal, and it is a fully integrated specialty pharmaceutical company dedicated exclusively to the field of dermatology.
This represents a 30% gain for shareholders, and is more than a 5-year high. With a 52-week trading range of $7.27 to $14.79 and this being the highest prices seen in more than 5-years, it is hard to imagine that shareholders will fight this one.
CollaGenex gets acquired by Galderma overseas
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