Galderma acquires pharmaceutical group

Dermatological pharmaceutical specialists Galderma have announced the acquisition of CollaGenex Pharmaceuticals, according to reports.

The global company has now completed a cash tender offer for CollaGenex Pharmaceuticals which is reported to have been finalised on completion of a 00:00 EDT deadline on Friday April 4th

It is estimated that around 21 million CollaGenex common stock shares were included in the offer, representing approximately 97 per cent of the group.

According to a statement issued by Galderma, an estimated 1.3 million of these shares were tendered pursuant to guaranteed delivery procedures and all were accepted in accordance with CollaGenex’s new status as a majority owned subsidiary of the company.

Last month Galderma announced an agreement with Zars Pharma which would give the companies exclusive rights for all non-US and Canada markets for the promotion and distribution of its Pliaglis aesthetic cream.

Galderma was established in 1981 as a joint venture between Nestle and L’Oreal.