Galderma says some 97% of CollaGenex shares tendered in offer

By Lisa Kerner

Charlotte, N.C., April 7 - Galderma Pharma SA said its U.S. holding company, Galderma Laboratories, Inc., completed the $16.60-per-share cash tender offer for CollaGenex Pharmaceuticals, Inc. as planned on April 4.

Roughly 21 million shares, or 97%, of CollaGenex common stock, including some 1.3 million shares tendered pursuant to the guaranteed delivery procedures, have been tendered into and not withdrawn from the offer, a Galderma news release said.

Galderma Laboratories said it expects to complete the merger of its wholly owned subsidiary, Galderma Acquisition Inc., with CollaGenex shortly.

Following the merger of the pharmaceutical companies, CollaGenex will become a wholly owned subsidiary of Galderma Laboratories.

As previously reported, Galderma, based in Lausanne, Switzerland, agreed to acquire CollaGenex for some $420 million.

Both Galderma and Newton, Pa.-based CollaGenex specialize in dermatology and have complementary products for the treatment of rosacea.

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