Germany's Merz to acquire BioForm Medical for $253 milliion

German drugmaker Merz Pharma has entered into an agreement to acquire all of the outstanding shares of USA-based, privately-held BioForm Medical for $5.45 per share in cash pursuant to a cash tender offer followed by a second-step merger. The transaction has a total equity value of approximately $253 million based on BioForm Medical's outstanding shares of common stock.

The $5.45 per share offer represents a 55% premium over BioForm Medical's 30-day average closing stock price, and is 60% above its close on December 31, 2009, the last trading day prior to today's announcement. The transaction is expected to complete in the first quarter of this year.

This deal will advance Merz's strategy of becoming a leading player in aesthetic medicine, a fast growing, multi-billion dollar global market. BioForm Medical is a leader in the dermal filler market in the USA and Europe with its flagship product, Radiesse dermal filler. Following completion of the transaction, BioForm Medical will become a wholly-owned subsidiary of Merz and will be renamed Merz Aesthetics, but will retain its management and headquarters in San Mateo, California, and its manufacturing, distribution and other operations in Franksville, Wisconsin.