Business
Collegium Completes the Acquisition of BDSI
STOUGHTON, Mass., March 22, 2022 (GLOBE NEWSWIRE) -- Collegium Pharmaceutical, Inc. (Nasdaq: COLL) (“Collegium”) today announced that it has completed the
About this update from Collegium Pharmaceutical, Inc.
[{"type":"text","content":"STOUGHTON, Mass., March 22, 2022 (GLOBE NEWSWIRE) -- Collegium Pharmaceutical, Inc. (Nasdaq: COLL) (“Collegium”) today announced that it has completed the acquisition of BioDelivery Sciences International Inc. (Nasdaq: BDSI) (“BDSI”). “This acquisition is a major step forward in our mission to build a leading, diversified specialty pharmaceutical company committed to improving the lives of people living with serious medical conditions,” said Joe Ciaffoni, President and Chief Executive Officer of Collegium. “We have significantly diversified the business and expanded our overall revenue scale. This transaction is immediately and highly accretive, and we are now focused on seamless integration and delivering identified synergies of at least $75 million within twelve months.” Strategic Rationale Strategically aligned with Collegium’s mission to build a leading, diversified specialty pharmaceutical company committed to improving the lives of people living with serious medical conditionsDiversifies and expands Collegium’s revenues by adding BELBUCA® as a second and highly complementary growth driver to Collegium’s highly differentiated pain portfolio, in addition to a contributor with SYMPROIC®, and a new product launch opportunity with ELYXYB™Further strengthens Collegium’s financial position through increased revenue scale, immediate and significant earnings accretion, and accelerated cash flow generation, driven by identified annual run rate synergies of at least $75 million expected to be achieved within twelve months post-closingELYXYB™ provides entry into the neurology market, a strategic market adjacency previously identified by Collegium Additional Transaction DetailsThe acquisition was structured as a cash tender offer to acquire all the outstanding shares of BDSI at the price of $5.60 per share. As of the expiration of the tender offer at one minute following 11:59 p.m., New York time, on March 18, 2022, the depositary for the tender offer advised Collegium and BDSI that stockholders holding approximately 72.44% of the outstanding shares of common stock of BDSI had tendered their shares, satisfying the minimum condition to consummate the tender offer. All of the conditions to the offer have been satisfied and on March 21, 2022, Collegium and its wholly-owned subsidiary, Bristol Acquisition Company, Inc. (“Purchaser”), accep...