Endo International’s $658 Million Acquisition of BioSpecifics Technologies


Skadden, Arps, Slate, Meagher & Flom LLP advised Endo International, while Morgan Lewis advised BioSpecifics Technologies on the deal.

Endo International plc agreed to acquire all of the outstanding shares of BioSpecifics Technologies Corp., a commercial-stage biopharmaceutical company, for $88.50 in cash per share, or an estimated enterprise value of approximately $540 million (net of approximately $120 million in cash acquired) at the anticipated time of deal closure.

Endo has had a strategic relationship with BioSpecifics since 2004. Under the terms of the relationship, BioSpecifics receives a royalty stream from Endo related to Endo’s collagenase-based therapies, which currently include XIAFLEX®, marketed by Endo Pharmaceuticals, for the treatment of Dupuytren’s contracture and Peyronie’s disease, and Qwo™, the first FDA-approved injectable treatment for cellulite, which is expected to be launched by Endo Aesthetics in Spring 2021.

Endo International plc (NASDAQ: ENDP) is a specialty pharmaceutical company committed to helping everyone we serve live their best life through the delivery of quality, life-enhancing therapies. Endo has global headquarters in Dublin, Ireland and U.S. headquarters in Malvern, Pennsylvania.

BioSpecifics Technologies Corp. is a commercial-stage biopharmaceutical company. BioSpecifics discovered and developed a proprietary form of injectable collagenase (CCH), which is currently marketed by Endo, as XIAFLEX® in North America for the treatment of Dupuytren’s contracture and Peyronie’s disease.

The Skadden team advising Endo included M&A partner Brandon Van Dyke (Picture) and associate Rachel Arnett; Intellectual Property partners Resa Schlossberg and Douglas Nemec; Executive Compensation and Benefits partner Erica Schohn; Tax partner Chase Wink; and Real Estate partner Audrey Sokoloff.

Morgan Lewis advised BioSpecifics Technologies with a team including Partners Carl Valenstein, Celia Soehner, and Sean Donahue, of counsel Jeff Letalien, and associates Ben Stein, Ali Good, Fannie Law, and Kira Schwartz.

Involved fees earner: Sean Donahue – Morgan Lewis; Alexandra Good – Morgan Lewis; Fannie Law – Morgan Lewis; Jeffrey Letalien – Morgan Lewis; Kira Schwartz – Morgan Lewis; Celia Soehner – Morgan Lewis; Benjamin Stein – Morgan Lewis; Carl Valenstein – Morgan Lewis; Rachel Arnett – Skadden Arps Slate Meager & Flom; Douglas Nemec – Skadden Arps Slate Meager & Flom; Resa Schlossberg – Skadden Arps Slate Meager & Flom; Erica Schohn – Skadden Arps Slate Meager & Flom; Audrey Sokoloff – Skadden Arps Slate Meager & Flom; Brandon Van Dyke – Skadden Arps Slate Meager & Flom; Chase Wink – Skadden Arps Slate Meager & Flom;

Law Firms: Morgan Lewis; Skadden Arps Slate Meager & Flom;

Clients: BioSpecifics Technologies; Endo International plc;

Author: Ambrogio Visconti