CollaGenex Pharmaceuticals Inc / Galderma SA

Exclusively advised the Specialty Pharma Company Shareholders and Management of Collagenex Pharmaceuticals (CGPI) to Galderma SA (Disclosed US$ 420m Enterprise Value).

• Jan 8th, 2008: Full-fledged broad auction process engaged after review of strategic options.
• February 26th: Entry into definitive merger agreement with an affiliate of Galderma after 3 weeks of Due Diligence, binding bid qualifying for exclusivity and 4 weeks of exclusive negotiation in parallel to confirmatory due diligence.
• Merger agreement provides for Galderma to acquire CollaGenex in a two-step transaction, the first step will consist of a cash-tender offer for all outstanding shares of CollaGenex common stock at a price of $16.6 per share in cash. In the second step, the tender offer will be followed by a merger in which the holders of the outstanding shares of CollaGenex stock not tendered will receive the same cash price per share paid in the tender offer.