Galderma Announces HSR Clearance for Its Proposal to Acquire CollaGenex Pharmaceuticals

Thursday, March 20, 2008 General News
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LAUSANNE, Switzerland, March 19 Galderma Pharma S.A., aglobal specialty pharmaceutical company focused on dermatology, todayannounced that its U.S. holding company, Galderma Laboratories, Inc., hasreceived clearance from the U.S. Federal Trade Commission, through theexpiration of the required waiting period under the Hart-Scott-RodinoAntitrust Improvements Act, for its proposed acquisition of CollaGenex(Nasdaq: CGPI).

"We are pleased with the quick and orderly review of our proposal by theFederal Trade Commission and are confident in our ability to complete thistransaction," said Humberto C. Antunes, Chief Executive Officer of GaldermaPharma S.A. "With the acquisition of CollaGenex's innovative products andportfolio, we believe Galderma will be even better positioned to serve theneeds of dermatology patients."

On February 26, 2008, Galderma announced that it had reached an agreementwith CollaGenex, through which it will acquire all of the outstanding sharesof CollaGenex at a price of $16.60 per share in cash. The transaction wasunanimously approved by the boards of directors of Galderma and CollaGenex.Galderma is accomplishing the acquisition of CollaGenex through a tenderoffer, which commenced on March 10, 2008 and is scheduled to expire at 12:00midnight, New York City time, at the end of Friday, April 4, 2008, unless thetender offer is extended. The tender offer is being conducted on the termsand subject to the conditions described in the Offer to Purchase, datedMarch 10, 2008, and the related Letter of Transmittal, which have been filedas part of a Tender Offer Statement on Schedule TO filed with the U.S.Securities and Exchange Commission on March 10, 2008.

CollaGenex shareholders may contact Innisfree at the numbers listed at thebottom of this press release for more information.

About Galderma

Galderma, created in 1981 as a joint venture between Nestle and L'Oreal,is a fully integrated specialty pharmaceutical company dedicated exclusivelyto the field of dermatology. The Company has a presence in 65 countries withover 1000 sales representatives and is committed to improving the health ofskin with an extensive line of products that treat a range of dermatologicalconditions including: acne, rosacea, fungal nail infections, psoriasis &steroid-responsive dermatoses, pigmentary disorders, medical solutions forskin senescence and skin cancer. With a new research and development centerin Sophia Antipolis, France Galderma has one of the largest R&D facilitiesdedicated exclusively to dermatology. Leading dermatology brands includeDifferin(R), MetroGel 1%(R)/Rozex(R), Clobex(R), Tri-Luma(R), Loceryl(R) andCetaphil(R). Recently launched products include Pliaglis(R), a topicalanaesthetic for dermatologic procedures in the United States, Epiduo(R), aninnovative combination product for the treatment of acne in Europe andArgentina, and Dysport(R), an injectable neuromodulator for the correction ofwrinkles in Brazil and Argentina. The Company's website is

About CollaGenex

CollaGenex Pharmaceuticals, Inc. is a specialty pharmaceutical companycurrently focused on developing and marketing proprietary, innovative medicaltherapies to the dermatology market. CollaGenex's 2007 revenues were$63.6 million, an increase of 141% over 2006 sales of $26.4 million, driven bythe acceptance of Oracea(R). In July 2006, CollaGenex launched Oracea(R), thefirst FDA-approved systemic product for the treatment of rosacea. CollaGenex'sprofessional dermatology sales force also markets Alcortin(R)(1% iodoquinol and 2% hydrocortisone), a prescription topical antifungalsteroid combination, and Novacort(R) (2% hydrocortisone acetate and 1%pramoxine HCl), a prescription topical steroid and anesthetic. CollaGenexrecently completed a Phase II clinical trial to evaluate COL-118, a topicalcompound based on the SansRosa(R)

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