CollaGenex to acquire SansRosa

By Angela McDaniels

Seattle, Dec. 15 - CollaGenex Pharmaceuticals Inc. said it has entered into a definitive agreement to acquire all the shares of SansRosa Pharmaceutical Development Inc.

CollaGenex made an initial payment of $750,000 for 51% of the shares of SansRosa on Thursday. The remaining shares will be purchased upon the achievement of various milestones worth an additional $4 million to $6 million.

The agreement also provides for earn-out payments linked to future product sales, the company said.

CollaGenex will be solely responsible for product and clinical development.

SansRosa is based in Philadelphia and develops dermatology products to treat rosacea.

CollaGenex is a pharmaceutical company based in Newtown, Pa., that creates medical therapies for the dermatology market.

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