BioSpecifics agrees Endo International takeover

New York-headquartered biopharmaceuticals maker BioSpecifics Technologies has agreed to pick up Endo International, a Nasdaq-listed speciality branded pharmaceuticals firm. The company, via Beta Acquisition, has committed to pay USD 88.50 in cash per share, giving the target an equity value of around USD 658.00 million. Both parties’ boards have given their unanimous seals of approval to the combination, which is slated to close during the fourth quarter of this year, subject to customary conditions, including the expiration of the waiting period under antitrust laws. In addition, a majority of the target’s stock must be tendered in order for the deal to close. Endo’s global headquarters are in Dublin, while its US headquarters are in Malvern, Pennsylvania. The firm posted revenue of USD 688.00 million in Q2 2020, down from USD 700.00 million in the corresponding timeframe of last year. Of these amounts, USD 130.00 million and USD 209.00 million, respectively, were attributable to its branded pharmaceuticals segment. Zephyr, the M&A database published by Bureau van Dijk, shows there have been 1,463 deals targeting pharmaceutical preparation manufacturers announced worldwide during 2020. Of these, eight broke the USD 1.00 billion-barrier, while the largest of all was valued at USD 21.00 billion. That transaction saw Gilead Sciences sign on the dotted line to pick up Immunomedics in mid-September. Completion is subject to approval from the Department of Justice and the Federal Trade Commission and is slated to follow by the end of this year. Other companies in the sector to have been targeted during the year to date include the likes of Regeneron Pharmaceuticals, Yunnan Baiyao Group and Bayer. © Zephus Ltd

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