NEW YORK (AP) -- Germany's Merz Pharma Group said Friday it has completed its $253 million buyout of BioForm Medical Inc., a California company that develops products used in cosmetic medical procedures.
In January, the privately held company said it would buy BioForm for $5.45 per share, a 60 percent premium at the time.
The tender offer expired Thursday, and Merz Pharma said almost 96 percent of BioForm Medical's shares were validly submitted and accepted.
The boards of both companies already approved the deal. BioForm, which is based in San Mateo, Calif., will be renamed Merz Aesthetics.
BioForm, based in San Mateo, Calif., makes products such as the wrinkle treatment Radiesse.
Martin Zugel, chairman of the Merz management board, said the deal will allow it to offer a broader range of treatments, capitalize on opportunities to launch new products and increase its business in the U.S. and Europe.
Merz Pharma has worked on drugs for treating neurological and psychiatric conditions, including Alzheimer's research, as well as clinical and aesthetic dermatology. Its consumer products segment makes over-the counter medications, dietary supplements and skin care products.