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Two pharmaceutical firms have announced they are to merge in a $420m deal.
Galderma Pharma is to buy CollaGenex Pharmaceuticals after both boards of directors unanimously approved the tie-up.
Galderma CEO Humberto Antunes said: “Galderma is committed to provide innovative medical solutions to dermatology patients and physicians across the globe.
“CollaGenex’s innovative products complement and enhance Galderma’s portfolio. We admire the accomplishments of CollaGenex’s employees and believe our combined organisations will be even better positioned to serve patient’s needs.
“This transaction should be neutral to Galderma’s net income in 2008 and accretive as of 2009.”
CollaGenex manufactures Oracea (doxycycline), which is the first FDA-approved product indicated for the treatment of rosacea, an inflammatory condition of the face that causes redness that looks like blushing.
CollaGenex is also developing a drug codenamed Col-118 to treat the erythema associated with rosacea.
Colin Stewart, president and CEO of CollaGenex, said: “Galderma was the first pharmaceutical company to develop a topical product indicated for the treatment of rosacea.
“Oracea, combined with the successful development of Col-118, will enable Galderma to offer physicians and patients a full suite of complementary pharmaceutical products to treat rosacea.”
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