(Collegium) Shares of BioDelivery Sciences International, Inc rose more than 51% on Monday on the news of the acquisition by Collegium Pharmaceutical Inc. at $5.60 per share.
Following the deal, Collegium will initiate a tender offer, allowing it to acquire the outstanding shares of BDSI.
At $5.60 price, the offer represents a 54% premium to the closing price of BDSI shares of $3.64 as of February 11, 2022.
The deal will be cash financed by Collegium with an additional $650 million secured financing by Pharmakon Advisors, LP.
Collegium CEO Joe Ciaffoni says BioDelivery addition will help it in building a diversified and leading specialty company to improve the lives of patients with difficult medical conditions.
Collegium anticipates annual run-rate synergies of upwards of $75 million within twelve months of the transaction closure. The company expects the deal to be accretive to its 2022 and 2023 earnings.
BDSI: NASDAQ is up +51.92%, COLL: NASDAQ is down -0.23%.
