Galderma Reaches Agreement to Acquire CollaGenex Pharm... (to an agreement to selltheir shares of p...)

Galderma Reaches Agreement to Acquire CollaGenex Pharmaceuticals

Date:2/25/2008

to an agreement to sell their shares of preferred stock to Galderma immediately following, but subject to, the closing of the tender offer at the price paid in the offer with respect to the underlying CollaGenex common stock. The transaction is expected to close before the end of the second quarter 2008.

Credit Suisse acted as financial adviser to Galderma, and Debevoise & Plimpton LLP as legal counsel. Cowen and Company acted as financial adviser to CollaGenex, and Milbank Tweed Hadley & McCloy LLP served as CollaGenex' legal counsel.

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 Company has a presence in 65 countries with over 1000 sales representatives and is committed to improving the health of skin with an extensive line of products that treat a range of dermatological conditions including: acne, rosacea, fungal nail infections, psoriasis & steroid-responsive dermatoses, pigmentary disorders, medical solutions for skin senescence and skin cancer. With a new research and development center in Sophia Antipolis, France, Galderma has one of the largest R&D facilities dedicated exclusively to dermatology. Leading dermatology brands include Differin(R), Metrogel(R) 1%/Rozex(R), Clobex(R), Tri-Luma(R), Loceryl(R) and Cetaphil(R). Recently launched products include Pliaglis(TM) a topical anesthetic for dermatologic procedures in the United States, Epiduo(R), an innovative combination product for the treatment of acne in Europe and Argentina, and Dysport(R), an injectable neuromodulator for the correction of wrinkles in Brazil and Argentina. The Company's website is http://www.galderma.com.

About CollaGenex

CollaGenex Pharmaceuticals, Inc. is a specialty pharmaceutical company currently focused on developing and marketing proprietary,
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