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Galderma Completes Tender Offer for CollaGenex
Date:4/7/2008

More than 97% of CollaGenex common stock tendered (including guaranteed

deliveries)

LAUSANNE, Switzerland, April 7, 2008 /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 all cash tender offer for CollaGenex Pharmaceuticals, Inc. (Nasdaq: CGPI). The tender offer expired at 12:00 Midnight, New York City time, at the end of Friday, April 4, 2008.

As of such time, an aggregate of approximately 21 million shares of CollaGenex common stock (including approximately 1.3 million shares that were tendered pursuant to the guaranteed delivery procedures) have been tendered into, and not withdrawn from, the offer. The tendered shares represent approximately 97% of the outstanding shares of CollaGenex. All of such shares have been accepted in accordance with the terms of the tender offer and upon Galderma Laboratories' acquisition of such shares, CollaGenex will become a majority owned subsidiary of Galderma Laboratories.

Galderma Laboratories expects that, shortly after the acquisition of such shares, it will complete the merger of its wholly owned subsidiary, Galderma Acquisition Inc., and CollaGenex. As a result of the merger, each outstanding share of CollaGenex common stock will be converted into the right to receive $16.60 per share in cash, without interest, and CollaGenex will become a wholly owned subsidiary of Galderma Laboratories.

About Galderma

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 Com
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SOURCE Galderma Pharma S.A.
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