Mass. Pharma Collegium Buying Raleigh’s BioDelivery Sciences for $604M

Raleigh-based specialty pharma company BioDelivery Sciences International, Inc. (NASDAQ: BDSI), says it has entered into a definitive merger agreement with Collegium Pharmaceutical, Inc. (NASDAQ: COLL).

Valued at $604 million with an anticipated execution near the end of Q1 2022, the agreement will result in Collegium’s acquisition of all outstanding shares of BDSI common stock.

According to Jeff Bailey, CEO of BSDI: “…we view [this transaction] as a testament to the attractiveness of our portfolio and long-term value of our brands. Our team has worked diligently to grow our differentiated products. We believe that this transaction will deliver benefits to patients and prescribers and create significant value for our shareholders.”

Under the terms of the agreement, Collegium will commence a tender offer to acquire all outstanding shares of BDSI’s common stock at $5.60 per share in cash, which represents a 54% premium to BDSI common stock’s closing price of $3.64 on February 11, 2022. On completion of the tender offer, Collegium will acquire all remaining shares at the same price of $5.60 per share through a second-step merger.

Dedicated to patients living with chronic conditions, BDSI has built a portfolio of differentiated pain and neurology products that treat serious and debilitating conditions such as chronic pain, acute migraine and opioid-induced constipation.