Massachusetts-based pharma company Collegium Pharmaceutical will acquire specialty pharmaceutical company BioDelivery Sciences International (BDSI) in a $604M all-cash transaction, as announced in a joint statement this week.
Collegium will purchase all outstanding shares of BDSI at $5.60 per share, which represents a 54% premium to BDSI common stock’s closing price of $3.64 earlier this week.
BDSI is known for its portfolio of pain and neurology products, as well as treatments for debilitating conditions such as chronic pain and migraines. The merger doesn’t come as a surprise, as Collegium is also “committed to improving the lives of people suffering from serious medical conditions,” according to their site.
“We are pleased to announce the transaction with Collegium, which we view as a testament to the attractiveness of our portfolio and long-term value of our brands,” said Jeff Bailey, CEO of BDSI. “Our team has worked diligently to grow our differentiated products. We believe that this transaction will deliver benefits to patients and prescribers and create significant value for our shareholders.”
One of BDSI’s popular treatments offers fentanyl, an established treatment for breakthrough pain, via its BEMA oral adhesive-disk delivery platform.