Collegium Pharmaceutical Inc (NASDAQ: COLL) will acquire BioDelivery Sciences International Inc (NASDAQ: BDSI) at $5.60 per share in an all-cash transaction, corresponding to an equity value of approximately 4 million.
The consideration represents a 54% premium to BDSI common stock's closing price of $3.64 on February 11 and a premium of 65% over the 30 trading days volume-weighted average price of $3.40.
BioDelivery Sciences is a commercial-stage specialty pharmaceutical company offering a portfolio of pain and neurology products.
The deal is expected to close in Q1 2022.
"We are pleased to announce the transaction with Collegium, which we view as a testament to the attractiveness of our portfolio and long-term value of our brands," said Jeff Bailey, CEO of BDSI. "Our team has worked diligently to grow our differentiated products. We believe that this transaction will deliver benefits to patients and prescribers and create significant value for our shareholders."
Price Action: COLL shares closed at $17.59 on Friday. BDSI stock is up 51.6% at $5.52 during the premarket session on the last check Monday.
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