Endo to acquire outstanding shares of BioSpecifics for $540M

Oct. 19, 2020 8:31 AM ETEndo International plc (ENDPQ), BSTCENDPQ, BSTCBy: Meghavi Singh, SA News Editor15 Comments
  • Endo International (NASDAQ:ENDP) has agreed to acquire all of the outstanding shares of BioSpecifics Technologies (NASDAQ:BSTC) for $88.50 per share in cash, representing an aggregate equity value of  ~$540M (net of ~$120M in cash acquired).
  • Under the terms of the merger agreement, Endo through a wholly owned subsidiary, will commence an all-cash tender offer to acquire 100% of the outstanding common stock of BioSpecifics for $88.50 per share.
  • Upon the successful completion of the tender offer, Endo's acquisition subsidiary will be merged into BioSpecifics, and the remaining shares of BioSpecifics will be canceled and converted into the right to receive the same consideration payable pursuant to the tender offer.
  • The transaction is expected to close in late 2020 and Endo expects to fund the transaction with cash on hand.
  • ENDP  shares down 2% and BSTC shares up 44.2% PM.

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