Thursday 03 December 2020

Dublin-based Endo International plc (NASDAQ: ENDP) has closed the acquisition of all of the outstanding shares of New York-based commercial-stage biopharmaceutical company BioSpecifics Technologies Corp. (NASDAQ: BSTC) for an enterprise value of approximately USD 540m the company said.

Under the terms of the merger agreement, Endo, through a wholly owned subsidiary, launched an all-cash tender offer to acquire 100% of the outstanding common stock of BioSpecifics for USD 88.50 per share.

Endo has had a strategic relationship with BioSpecifics since 2004. Under the terms of the relationship, BioSpecifics received a royalty stream from Endo related to Endo's collagenase-based therapies, which currently include Xiaflex, marketed by Endo Pharmaceuticals, for the treatment of Dupuytren's contracture and Peyronie's disease, and QWO, the first FDA-approved injectable treatment for cellulite, which is expected to be launched by Endo Aesthetics in spring 2021.

With completion of the tender offer, Endo's acquisition subsidiary will be merged into BioSpecifics, and any remaining shares of BioSpecifics will be canceled and converted into the right to receive the same consideration payable pursuant to the tender offer.

Under the terms of the relationship, BioSpecifics receives a royalty stream from Endo, related to Endo's collagenase-based therapies, which currently include XIAFLEX, marketed by Endo Pharmaceuticals, for the treatment of Dupuytren's contracture and Peyronie's disease, and Qwo, the first FDA-approved injectable treatment for cellulite, which is expected to be launched by Endo Aesthetics in Spring 2021.

Endo's financial advisor is PJT Partners LP and legal counsel is Skadden, Arps, Slate, Meagher and Flom LLP.