Reports have confirmed that Merz Pharma Group is all set to acquire BioForm Medical Inc in a deal which will cost the former a whopping $253 Million, and help it expand its presence in the world of cosmetic pharmaceuticals.

$5.45 per BioForm share will be paid by the privately owned German drugs manufacturer, which is a 60% premium to the shares' last recorded price in the Thursday trading.

In late 2007, BioForm went public, and the company specializes in injectable medicines which improve the appearance if the skin. Also developed are treatments for wrinkles and folds, in addition to varicose veins.

Despite the fact that BioForm has been unprofitable for most part, sales have been steadily improving since November, which helped narrow its loss forecast for the firm's financial year which is to end on June 30.

On Friday, BioForm shares closed the session at $3.40, and they did not trade premarket. Over the past year, the stock has more than doubled in value.