Endo acquires Biospecifics Technologies and access to Xiaflex and Qwo

BioSpecifics Technologies Corp. announced at it has entered into a definitive merger agreement under which Endo International plc will acquire BioSpecifics for an estimated equity value of approximately $658.0 million ($540.0 million in enterprise value net of cash on hand), or $88.50 per share in cash. The transaction was unanimously approved by both BioSpecifics' and Endo's Boards of Directors and is anticipated to close during the fourth quarter of 2020.The Company discovered and developed a proprietary form of injectable collagenase ("CCH"), which is currently marketed by the Company's partner, Endo, as Xiaflex in North America for the treatment of Dupuytren's contracture and Peyronie's disease. Endo announced that it received FDA approval of CCH for the treatment of moderate to severe cellulite in the buttocks of adult women; Qwo is expected to be available commercially in the U.S. starting in the first half of 2021. The CCH research and development pipeline includes several additional potential indications including adhesive capsulitis and plantar fibromatosis.