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News release concerning Galderma Press Release Regarding CollaGenex Pharmaceuticals
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Galderma Completes Acquisition of Collagenex
Lausanne, Switzerland – April 11, 2008 – Galderma Pharma S.A., a global
specialty pharmaceutical company focused on dermatology, today announced that
its U.S. holding company, Galderma Laboratories, Inc., has completed its
acquisition of CollaGenex Pharmaceuticals, Inc. (NASDAQ: CGPI). As a result of
the transaction, CollaGenex has become a wholly owned subsidiary of Galderma
"We are pleased to complete the acquisition process and are moving forward
quickly to combine the two organizations to enable us to better serve
dermatologists and the patients they serve" said Humberto C. Antunes, Chief
Executive Officer of Galderma Pharma S.A. "CollaGenex’s oral rosacea therapy
will be an important complement to Galderma’s topical products, and the two
company’s development pipelines have innovative compounds that have the
potential to improve therapy and meet unmet needs."
CollaGenex's innovative products complement and enhance Galderma's portfolio for
rosacea. Launched by CollaGenex in 2006 as the first FDA-approved systemic
product, Oracea® is the only oral product indicated for the specific treatment
of the inflammatory lesions of rosacea, and is a market leader in rosacea
treatment products. Galderma’s MetroGel® 1% is the leading topical drug for the
treatment of inflammatory lesions of rosacea. Adding to this portfolio,
[Col-118 (brimonidine) is an innovative product under development for the
treatment of erythema associated with rosacea.
Upon the closing of the acquisition, all remaining outstanding shares of
CollaGenex common stock, other than those held by stockholders who properly
perfect appraisal rights under Delaware law, were converted into the right to
receive $16.60 per share in cash.
Galderma, created in 1981 as a joint venture between Nestlé and L'Oréal, is a
fully integrated specialty pharmaceutical company dedicated exclusively to the
field of dermatology. The Company has a presence in 65 countries with
over 1000 sales representatives and is committed to improving the health of
skin with an extensive line of products that treat a range of dermatological
conditions including: acne, rosacea, fungal nail infections, psoriasis &
steroid-responsive dermatoses, pigmentary disorders, medical solutions for skin
senescence and skin cancers. With a research and development center in
Sophia Antipolis, France Galderma has one of the largest R&D facilities
dedicated exclusively to dermatology. Leading dermatology brands include
Differin®, MetroGel® 1%/Rozex®, Clobex®, Tri-Luma®, Loceryl® and
Cetaphil®. Recently launched products include Pliaglis™, a topical
anaesthetic for dermatologic procedures in the United States, Epiduo®, an
innovative combination product for the treatment of acne in Europe and
Argentina, and Dysport®, an injectable neuromodulator for the correction of
wrinkles in Brazil and Argentina. The Company’s website is
CollaGenex Pharmaceuticals, Inc. is a specialty pharmaceutical company currently
focused on developing and marketing innovative medical therapies to the
dermatology market. CollaGenex’s 2007 revenues were $63.6 million, an increase
of 141% over 2006 sales of $26.4 million,, driven by the approval of Oracea®.
In July 2006, CollaGenex launched Oracea®, the first FDA-approved systemic
product for the treatment of inflammatory lesions of rosacea. CollaGenex's
professional dermatology sales force also markets Alcortin® (1% iodoquinol and
2% hydrocortisone), a prescription topical antifungal steroid combination, and
Novacort® (2% hydrocortisone acetate and 1% pramoxine HCl), a prescription
topical steroid and anesthetic. CollaGenex recently completed a Phase II
clinical trial to evaluate COL-118, a topical compound based on the SansRosa™
technology, for the treatment of redness associated with rosacea and other skin
disorders. CollaGenex recently acquired the rights to develop and commercialize
becocalcidiol, a patented Vitamin D analogue that is currently in Phase II
clinical trials for the topical treatment of mild to moderate psoriasis.
For more information on CollaGenex please visit CollaGenex's website at
, which does not form part of this press release.
Forward Looking Statements
Statements in this press release regarding management's future expectations,
beliefs, intentions, goals, strategies, plans or prospects may constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements can be identified by
terminology such as "anticipate," "believe," "could," "could increase the
likelihood," "estimate," "expect," "intend," "is planned," "may," "should,"
"will," "will enable," "would be expected," "look forward," "may provide,"
"would" or similar terms, variations of such terms or the negative of those
terms. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors including those risks, uncertainties and
factors referred to in the Company's Quarterly Report on Form 10-K for the year
ended December 31, 2007 filed with the Securities and Exchange Commission under
the section "Risk Factors," as well as other documents that may be filed by
CollaGenex from time to time with the Securities and Exchange Commission as
well as related to the satisfaction of the closing conditions in the merger
agreement. As a result of such risks, uncertainties and factors, the Company's
actual results may differ materially from any future results, performance or
achievements discussed in or implied by the forward-looking statements
contained herein. CollaGenex is providing the information in this press release
as of this date and assumes no obligations to update the information included
in this press release or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
SansRosa and Oracea are trademarks of CollaGenex Pharmaceuticals, Inc.
Differin, MetroGel, Rozex, Clobex, Tri-Luma, Loceryl, Cetaphil and Epiduo are
trademarks of Galderma.
Novacort and Alcortin A are trademarks of Primus Pharmaceuticals, Inc.
Pliaglis is a trademark of Zars Pharma Inc.
Dysport is a trademark of Ipsen Ltd.
All other trade names, trademarks or service marks are the property of their
For further information:
Chief Financial Officer
Tel: +33 (0)1 58 86 46 42
(For U.S. Inquiries):
Tel: +1 817 961-5186
Nancy C. Broadbent
Chief Financial Officer