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Endo to Acquire BioSpecifics for an Enterprise Value of USD 540m
Wednesday 21 October 2020

Dublin-based Endo International plc (NASDAQ: ENDP) has agreed to acquire 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, will commence an all-cash tender offer to acquire 100% of the outstanding common stock of BioSpecifics for USD 88.50 per share.

The Edwin H. Wegman Marital Trust has entered into a Support Agreement committing it to tender its shares into the tender offer.

Upon the successful 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.

The transaction is expected to close in late 2020 and Endo expects to fund the transaction with cash on hand.

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.
Date Published: 21/10/2020