BioSpecifics Technology Corp (BSTC) - Target ($52.94) Special Situations Update Expect BSTC takeout within months.
AUXL - FDA Approval should be coming soon according to Zacks Analyst.
BSTC will be taken out by AUXL. Auxilium received proceeds, net of offering expenses and underwriting discounts and commissions, of about $115.7 million. AUXL has around $70mm in cash on B/S and around $40mm credit facility.
115.7 + 70 + 40 = 225.7 / 6.08mm shares of BSTC = $37 per share
However, I believe AUXL will be forced to sweeten the offer price above $40, to the $45+ per share range.
Note: The capital raising filing details beyond normal corporate G&A use, that the funds could be used for strategic or corporate acquisitions.
BioSpecifics Technology Corp (BSTC) - Takeout Target ($52.94) Special Situations
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