CollaGenex Pharmaceuticals to be acquired by Galderma Laboratories
Shares of CollaGenex Pharmaceuticals, Inc. (Nasdaq: CGPI) are surging to a 52-week high on high volume in pre-market trading after the specialty pharmaceutical company reported early this morning that it will be acquired by Galderma Laboratories, Inc. for $16.60 per share in cash, or an aggregate value of $420 million in equity.
CollaGenex said that the transaction has already been unanimously approved by the boards of directors of Galderma and CollaGenex.
CollaGenex Pharmaceuticals currently focuses on developing and marketing medical therapies for the dermatology market. In July 2006, CollaGenex launched Oracea, the first FDA-approved systemic product for the treatment of rosacea.
Galderma, which was created in 1981 as a joint venture between Nestle and L'Oreal, is a fully integrated specialty pharmaceutical company focused in the field of dermatology.
Shares of CollaGenex Pharmaceuticals (CGPI) surged 27.7%, or $3.55, to $16.35 on heightened volume of 275,200 shares. Shares of CollaGenex Pharmaceuticals have been trading in the range of $7.27 to $14.79 for the past 52 weeks. Typical volume for the stock is 220,145 shares.
About the Author
Reporter Jennifer Schonberger is based in SmallCapInvestor.com's Washington, D.C. bureau.
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