BioDelivery Sciences International, Inc. (NASDAQ: BDSI) is engaged as a commercial-stage specialty pharmaceutical company, which is focused on the research, development, and commercialization of treatments for chronic diseases. Shares of the pharmaceutical company have soared 52% through early trading on Monday, February 14, 2022. Over the past three months, BioDelivery Sciences has seen average daily volume of 1.51 million shares. However, volume of 33.41 million shares or dollar volume of around $184.76 million, has already exchanged hands through early trading.
Shares of BioDelivery Sciences are surging after the company announced that it has entered into a definitive agreement to be acquired by Collegium Pharmaceutical, Inc. (NASDAQ: COLL) in an all-cash deal worth $604 million. Under the terms of the agreement, Collegium will acquire all outstanding shares of BioDelivery Sciences at $5.60 per share. This represents a 54% premium compared to BDSI’s close of $3.64 on February 11, 2022.
The board of directors for both entities have unanimously approved the merger. However, the deal is subject to the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. With the waiting period and other customary conditions in mind, the management teams estimate the acquisition could close as early as late first quarter 2022.
“We are pleased to announce the transaction with Collegium, which we view as a testament to the attractiveness of our portfolio and long-term value of our brands,” said Jeff Bailey, CEO of BDSI. “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.”
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