WILMINGTON, Del., Dec. 2, 2020 /PRNewswire/ -- BioSpecifics
Technologies Corp. (NASDAQ: BSTC), a biopharmaceutical company that
originated and continues to develop collagenase-based therapies
with a first-in-class collagenase-based 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 all-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 after 11:59 p.m.,
New York time, on December 1, 2020. Computershare Trust Company,
N.A., the depositary and paying agent for the Offer, reported that
approximately 6,159,975 shares of BioSpecifics' common stock were
validly tendered and not validly withdrawn, representing
approximately 82.8% of the outstanding shares of BioSpecifics'
common stock on a fully diluted basis. All of the conditions to the
Offer have been satisfied, and on December
2, 2020, Endo accepted for payment, and will as promptly as
practicable pay for, all shares validly tendered and not validly
withdrawn.
The acquisition was completed on December
2, 2020 through a merger of Beta Acquisition Corp., Endo's
wholly-owned indirect subsidiary, with and into BioSpecifics, with
BioSpecifics continuing as the surviving entity, in accordance with
Section 251(h) of the Delaware General Corporation Law without a
vote of BioSpecifics' stockholders. In connection with the merger,
shares of BioSpecifics that were not tendered prior to the
expiration of the Offer were converted into the right to receive
consideration of $88.50 per share. As
a result of the completion of the merger, BioSpecifics' common
stock will be delisted from The Nasdaq Global Market.
About BioSpecifics Technologies Corp.
BioSpecifics
Technologies Corp. is a commercial-stage biopharmaceutical company.
The Company discovered and developed a proprietary form of
injectable collagenase ("CCH"), which is currently marketed by the
Company's partner, Endo, as XIAFLEX® in North America for the treatment of Dupuytren's
contracture and Peyronie's disease. Endo announced that it received
FDA approval of CCH for the treatment of moderate to severe
cellulite in the buttocks of adult women; Qwo™ is expected to be
available commercially in the U.S. starting in the first half of
2021. The CCH 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 everyone they serve live their best life through the
delivery of quality, life-enhancing therapies. Endo's decades of
proven success come from a global team of passionate employees
collaborating to bring the best treatments forward. Together, Endo
boldly transforms insights into treatments benefiting those who
need them, when they need them. Endo has global headquarters in
Dublin, Ireland and U.S.
headquarters in Malvern,
Pennsylvania. For more information, please visit
www.endo.com.
Forward-Looking Statements
The statements
included above that are not a description of historical facts are
forward-looking statements. Words or phrases such as "believe,"
"may," "could," "will," "estimate," "continue," "anticipate,"
"intend," "seek," "plan," "expect," "should," "would," or similar
expressions are intended to identify forward-looking statements.
These forward-looking statements include, without limitation,
statements regarding the planned completion and timing of Endo's
payment for the tendered shares, the delisting of the Company's
common stock, the intent, belief, and current expectations of the
Company and members of its senior management team and Board of
Directors, potential indications, research and development plans,
indications in development, and the occurrence and timing of the
commercial launch of Qwo™. Risks and uncertainties that could cause
results to differ from expectations include, without limitation:
business effects, including the effects of industry, economic or
political conditions outside of the Company's control; transaction
costs; actual or contingent liabilities; the timing of regulatory
filings and action; the ability of Endo to achieve its objectives
for XIAFLEX® and Qwo™; the market for XIAFLEX® in, and timing,
initiation, and outcome of clinical trials for, additional
indications; the potential of XIAFLEX® to be used in additional
indications; Endo modifying its objectives or allocating resources
other than to XIAFLEX® and Qwo™; adverse impacts on business,
operating results or financial condition in the future due to
pandemics, epidemics or outbreaks, such as COVID-19; and risks and
uncertainties pertaining to the Company's business, including,
without limitation, the risks and uncertainties detailed in the
Company's Annual Report 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 filings 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 undertakes no obligation
to revise or update these statements to reflect events or
circumstances after the date hereof, except as required by law.
View original
content:http://www.prnewswire.com/news-releases/biospecifics-announces-completion-of-acquisition-by-endo-pharmaceuticals-301183768.html
SOURCE BioSpecifics Technologies Corp.