LAUSANNE, Switzerland, April 11 /PRNewswire/ -- Galderma Pharma S.A., a global specialty pharmaceutical company focused on dermatology, today announced that its U.S. holding company, Galderma Laboratories, Inc., has completed its acquisition of CollaGenex Pharmaceuticals, Inc. (Nasdaq: CGPI). As a result of the transaction, CollaGenex has become a wholly owned subsidiary of Galderma Laboratories.
"We are pleased to complete the acquisition process and are moving forward quickly to combine the two organizations to enable us to better serve dermatologists and the patients they serve," said Humberto C. Antunes, Chief Executive Officer of Galderma Pharma S.A. "CollaGenex's oral rosacea therapy will be an important complement to Galderma's topical products, and the two company's development pipelines have innovative compounds that have the potential to improve therapy and meet unmet needs."
CollaGenex's innovative products complement and enhance Galderma's portfolio for rosacea. Launched by CollaGenex in 2006 as the first FDA-approved systemic product, Oracea(R) is the only oral product indicated for the specific treatment of the inflammatory lesions of rosacea, and is a market leader in rosacea treatment products. Galderma's MetroGel(R) 1% is the leading topical drug for the treatment of inflammatory lesions of rosacea. Adding to this portfolio, Col-118 (brimonidine) is an innovative product under development for the treatment of erythema associated with rosacea.
Upon the closing of the acquisition, all remaining outstanding shares of CollaGenex common stock, other than those held by stockholders who properly perfect appraisal rights under Delaware law, were converted into the right to receive $16.60 per share in cash.
Galderma, created in 1981 as a joint venture between Nestle and
L'Oreal, is a fully integrated specialty pharmaceutical company dedicated
exclusively to the field of dermatology. The Company has a p
|SOURCE Galderma Pharma S.A.|
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