Filed under: Deals, Value and lack thereof

CollaGenex Pharmaceuticals, Inc. (NASDAQ: CGPI) has agreed to be acquired by Galderma Pharma SA overseas for $16.60 per share share in cash in a merger valued at approximately $420 million.

CollaGenex is focused on developing and marketing proprietary medical therapies to the dermatology market. Its product Oracea was launched in July 2006 and is the first FDA-approved systemic product for the treatment of rosacea.

Galderma is also in dermatology and was originally formed in 1981 as a joint venture between Nestl