Galderma Pharma launches $970-million bid for cosmetic treatment firm Q-Med
14 Dec 2010
Switzerland's Galderma Pharma, the Swiss specialty dermatology company and a joint venture between L'Oreal and Nestle SA, yesterday launched a 7.45-billion kronor ($970 million) bid for Swedish cosmetic treatment firm Q-Med.
The deal will see Lausanne-based Galderma enlarge its specialisation in anti-ageing treatments and better compete with rivals like Allergan Inc, the maker of Botox anti-ageing drug.
Stockholm-based Q-Med makes and sells high-quality medical implants for aesthetic and medical use. Most of its products are based on the company's patented technology, NASHA.
Its main products are Restylane, which is used for filling out wrinkles and contouring of lips. Q-Med also makes Macrolane, a gel that is used for enlarging breasts and body contouring without having to undergo a surgical procedure.
The company has approximately 650 employees in 20 countries and had posted revenues of 1.4 billion kroner and net income of 685 kroner last year.
Under the offer, Galderma will pay Q-Med shareholders 75 kronor a share in cash, a premium of 13 per cent to Q-Med's closing price on 10 December 2010.
