Case Study: BioForm Medical, Inc.

BioForm Medical, Inc. is a medical aesthetics company focused on developing and commercializing products that are used by physicians to enhance a patient’s appearance

Essex Woodlands identified the aesthetics space as an interesting high growth area with no reimbursement risk.  BioForm had a highly differentiated dermal filler in Radiesse for which they obained FDA approval for the correction of moderate to severe folds and wrinkles in 2005 and completed its initial public offering in 2007.  Over the course of Essex’s investment, BioForm’s annual revenues grew to $67M (FY2009).  In January 2010, Merz Pharma Group, a privately-held company based in Germany announced the acquisition of BioForm Medical for $5.45 per share for a total equity value of approximately $253 million.