Galderma Completes Acquisition of CollaGenex
11/04/2008 23:39
PR Newswire
LAUSANNE, Switzerland, April 11 /PRNewswire/ --
Galderma Pharma S.A., a global specialty pharmaceutical company focused
on dermatology, today announced that its U.S. holding company, Galderma
Laboratories, Inc., has completed its acquisition of CollaGenex
Pharmaceuticals, Inc. (Nasdaq: CGPI). As a result of the transaction,
CollaGenex has become a wholly owned subsidiary of Galderma Laboratories.
"We are pleased to complete the acquisition process and are moving
forward quickly to combine the two organizations to enable us to better serve
dermatologists and the patients they serve," said Humberto C. Antunes, Chief
Executive Officer of Galderma Pharma S.A. "CollaGenex's oral rosacea therapy
will be an important complement to Galderma's topical products, and the two
company's development pipelines have innovative compounds that have the
potential to improve therapy and meet unmet needs."
CollaGenex's innovative products complement and enhance Galderma's
portfolio for rosacea. Launched by CollaGenex in 2006 as the first
FDA-approved systemic product, Oracea(R) is the only oral product indicated
for the specific treatment of the inflammatory lesions of rosacea, and is a
market leader in rosacea treatment products. Galderma's MetroGel(R) 1% is the
leading topical drug for the treatment of inflammatory lesions of rosacea.
Adding to this portfolio, Col-118 (brimonidine) is an innovative product
under development for the treatment of erythema associated with rosacea.
Upon the closing of the acquisition, all remaining outstanding shares of
CollaGenex common stock, other than those held by stockholders who properly
perfect appraisal rights under Delaware law, were converted into the right to
receive US$16.60 per share in cash.
About Galderma
Galderma, created in 1981 as a joint venture between Nestle and L'Oreal,
is a fully integrated specialty pharmaceutical company dedicated exclusively
to the field of dermatology. The Company has a presence in 65 countries with
over 1000 sales representatives and is committed to improving the health of
skin with an extensive line of products that treat a range of dermatological
conditions including: acne, rosacea, fungal nail infections, psoriasis &
steroid-responsive dermatoses, pigmentary disorders, medical solutions for
skin senescence and skin cancers. With a research and development center in
Sophia Antipolis, France Galderma has one of the largest R? facilities
dedicated exclusively to dermatology. Leading dermatology brands include
Differin(R), MetroGel(R) 1%/Rozex(R), Clobex(R), Tri-Luma(R), Loceryl(R) and
Cetaphil(R). Recently launched products include Pliaglis(TM), a topical
anaesthetic for dermatologic procedures in the United States, Epiduo(R), an
innovative combination product for the treatment of acne in Europe and
Argentina, and Dysport(R), an injectable neuromodulator for the correction of
wrinkles in Brazil and Argentina. The Company's website is
http://www.galderma.com.
About CollaGenex
CollaGenex Pharmaceuticals, Inc. is a specialty pharmaceutical company
currently focused on developing and marketing innovative medical therapies to
the dermatology market. CollaGenex's 2007 revenues were US$63.6 million, an
increase of 141% over 2006 sales of US$26.4 million, driven by the approval
of Oracea(R). In July 2006, CollaGenex launched Oracea(R), the first
FDA-approved systemic product for the treatment of inflammatory lesions of
rosacea. CollaGenex's professional dermatology sales force also markets
Alcortin(R) (1% iodoquinol and 2% hydrocortisone), a prescription topical
antifungal steroid combination, and Novacort(R) (2% hydrocortisone acetate
and 1% pramoxine HCl), a prescription topical steroid and anesthetic.
CollaGenex recently completed a Phase II clinical trial to evaluate COL-118,
a topical compound based on the SansRosa(TM) technology, for the treatment of
redness associated with rosacea and other skin disorders. CollaGenex recently
acquired the rights to develop and commercialize becocalcidiol, a patented
Vitamin D analogue that is currently in Phase II clinical trials for the
topical treatment of mild to moderate psoriasis.
For more information on CollaGenex please visit CollaGenex's website at
http://www.collagenex.com, which does not form part of this press release.
Forward Looking Statements
Statements in this press release regarding management's future
expectations, beliefs, intentions, goals, strategies, plans or prospects may
constitute forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements can be
identified by terminology such as "anticipate," "believe," "could," "could
increase the likelihood," "estimate," "expect," "intend," "is planned,"
"may," "should," "will," "will enable," "would be expected," "look forward,"
"may provide," "would" or similar terms, variations of such terms or the
negative of those terms. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors including those risks,
uncertainties and factors referred to in the Company's Quarterly Report on
Form 10-K for the year ended December 31, 2007 filed with the Securities and
Exchange Commission under the section "Risk Factors," as well as other
documents that may be filed by CollaGenex from time to time with the
Securities and Exchange Commission as well as related to the satisfaction of
the closing conditions in the merger agreement. As a result of such risks,
uncertainties and factors, the Company's actual results may differ materially
from any future results, performance or achievements discussed in or implied
by the forward-looking statements contained herein. CollaGenex is providing
the information in this press release as of this date and assumes no
obligations to update the information included in this press release or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
SansRosa and Oracea are trademarks of CollaGenex Pharmaceuticals, Inc.
Differin, MetroGel, Rozex, Clobex, Tri-Luma, Loceryl, Cetaphil and Epiduo
are trademarks of Galderma.
Novacort and Alcortin A are trademarks of Primus Pharmaceuticals, Inc.
Pliaglis is a trademark of Zars Pharma Inc.
Dysport is a trademark of Ipsen Ltd.
All other trade names, trademarks or service marks are the property of
their respective owners.
Web site: http://www.galderma.com
http://www.collagenex.com
Pierre Libmann, Chief Financial Officer, +33-(0)1-58-86-46-42, pierre.libmann@galderma.com, or for the U.S., Dale Weiss, +1-817-961-5186, dale.weiss@galderma.com, both of Galderma Pharma S.A.; or Nancy C. Broadbent, Chief Financial Officer of CollaGenex, +1-215-579-7388