LAUSANNE, Switzerland, March 19 /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 received clearance from the U.S. Federal Trade Commission, through the expiration of the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, for its proposed acquisition of CollaGenex (Nasdaq: CGPI).
"We are pleased with the quick and orderly review of our proposal by the Federal Trade Commission and are confident in our ability to complete this transaction," said Humberto C. Antunes, Chief Executive Officer of Galderma Pharma S.A. "With the acquisition of CollaGenex's innovative products and portfolio, we believe Galderma will be even better positioned to serve the needs of dermatology patients."
On February 26, 2008, Galderma announced that it had reached an agreement with CollaGenex, through which it will acquire all of the outstanding shares of CollaGenex at a price of $16.60 per share in cash. The transaction was unanimously approved by the boards of directors of Galderma and CollaGenex. Galderma is accomplishing the acquisition of CollaGenex through a tender offer, which commenced on March 10, 2008 and is scheduled to expire at 12:00 midnight, New York City time, at the end of Friday, April 4, 2008, unless the tender offer is extended. The tender offer is being conducted on the terms and subject to the conditions described in the Offer to Purchase, dated March 10, 2008, and the related Letter of Transmittal, which have been filed as part of a Tender Offer Statement on Schedule TO filed with the U.S. Securities and Exchange Commission on March 10, 2008.
|SOURCE Galderma Pharma S.A.|
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