BDSI - Collegium Pharmaceutical to acquire BioDelivery Sciences for $5.60/share in all cash deal

BioDelivery Sciences International (NASDAQ:BDSI) soared 51.1% in premarket Monday amid merger agreement with Collegium Pharmaceutical (NASDAQ:COLL). Under the terms, Collegium Pharmaceutical will promptly commence a tender offer to acquire all the outstanding shares of BDSI at the price of $5.60/share in an all-cash transaction, representing a total equity value of $604M. The consideration represents a 54% premium to BDSI common stock’s closing price of $3.64 on Feb.11 and a premium of 65% over the 30 trading days volume weighted average price of $3.40. The deal is expected to be immediately and highly accretive driven by identified annual synergies of at least $75M. The addition of BELBUCA® provides a second growth driver and ELYXYB™ establishes foothold in Neurology. Pursuant to the closure of tender offer, Collegium to acquire all remaining shares at the same price of $5.60/share through a second step merger. The deal is expected to close late in the first quarter of 2022. Conference Call scheduled for today at

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Collegium Pharmaceutical to acquire BioDelivery Sciences for $5.60/share in all cash deal