Endo Completes Acquisition of BioSpecifics

IndustryPRwire -- Endo International announced that it completed the previously announced acquisition of BioSpecifics Technologies Corp for $88.50 per share in an all-cash transaction, for an estimated enterprise value of approximately $540 million (net of approximately $120 million in cash acquired).

Blaise Coleman, President and CEO of Endo Commented "We're pleased to have completed the acquisition of BioSpecifics, which immediately enhances our adjusted EBITDA and the profitability profile of both XIAFLEX® and Qwo™—two of our most durable and differentiated products with significant long-term growth potential."

Endo has had a strategic relationship with BioSpecifics since 2004. Under the terms of the relationship, BioSpecifics received 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.

Transaction Details

Endo completed the transaction through a tender offer by Beta Acquisition Corp., a wholly-owned indirect subsidiary of Endo ("Merger Sub"), to acquire all of the outstanding shares of common stock, par value $0.001 per share (the "Shares") of BioSpecifics, at a price of $88.50 per Share (the "Offer Price"), net to the holder in cash, without interest and less any applicable withholding taxes (the "Offer"), and the subsequent merger of Merger Sub with and into BioSpecifics. Endo commenced the Offer on November 2, 2020, and the Offer expired at one minute after 11:59 PM, New York time, on December 1, 2020. As of the expiration of the Offer, approximately 6,159,975 Shares were validly tendered and not validly withdrawn in accordance with the terms of the Offer, representing approximately 82.8% of the Shares on a fully diluted basis, and such shares were accepted for payment under the terms of the Offer.

Following the completion of the Offer, Endo completed the merger of Merger Sub with and into BioSpecifics in accordance with Section 251(h) of the Delaware General Corporation Law, in which the Shares that were not tendered in the Offer were acquired by Endo and cancelled and converted into the right to receive the Offer Price.  As a result of the merger, BioSpecifics ceased to be a publicly traded company and became a wholly-owned subsidiary of Endo.

SOURCE Endo International plc

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