BioDelivery to be Acquired by Collegium in an All-Cash Deal

Feb 14, 2022 By MarketDepth

Biotechnology Business Headlines Healthcare Investing What's Hot

handshake partnership

BioDelivery Sciences International, Inc. (NASDAQ: BDSI) announced Monday that it has entered into a definitive merger agreement for Collegium Pharmaceutical, Inc. (NASDAQ: COLL) to purchase all outstanding shares of BDSI at $5.60 per share in an all-cash transaction. This corresponds to a total equity value of approximately $604 million (on a fully diluted basis). The merger agreement has been unanimously approved by the Board of Directors of both BDSI and Collegium.

Development of Pharmaceuticals

BioDelivery Sciences is a specialty pharmaceutical company that engages in the development and commercialization of pharmaceutical products for chronic conditions in the United States and internationally. The company provides its products based on its patented BioErodible MucoAdhesive drug-delivery technology, a small erodible polymer film for application to the buccal mucosa, as well as other drug-delivery technologies. 

Merger Agreement

Under the terms of the merger agreement, Collegium will promptly commence a tender offer to acquire all outstanding shares of BDSI’s common stock, and BDSI will file a recommendation statement containing the unanimous recommendation of the BDSI board that BDSI shareholders tender their shares to Collegium.

“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. 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.”

Jeff Bailey, CEO of BDSI