BioSpecifics Technologies Corp (NASDAQ:BSTC) on Monday reported a merger agreement with Endo International plc (NASDAQ:ENDP) for an estimated equity value of USD658.0m and USD540.0m in enterprise value net of cash on hand or USD88.50 per share in cash.

Through a wholly-owned subsidiary, Endo will commence an all-cash tender offer for all outstanding shares of BioSpecifics common stock at a price of USD88.50 per share.

The transaction is anticipated to close during the fourth quarter of 2020, subject to a number of conditions, including that a majority of BioSpecifics' shares are tendered in the tender offer, the expiration of the waiting period under antitrust laws and other customary closing conditions.

Upon completion of the tender offer, Endo's acquisition subsidiary will be merged into BioSpecifics, with any remaining shares of BioSpecifics common stock to be canceled and converted into the right to receive consideration of USD88.50.

BioSpecifics Technologies Corp. is a commercial-stage biopharmaceutical company. It has discovered and developed a proprietary form of injectable collagenase (CCH), which is currently marketed as XIAFLEX in North America for the treatment of Dupuytren's contracture and Peyronie's disease. It has received FDA approval of CCH for the treatment of moderate to severe cellulite in the buttocks of adult women; The R*D pipeline includes several additional potential indications including adhesive capsulitis and plantar fibromatosis.