ParfumGigi@aol.com ParfumGigi@aol.com
16 novembre 2005 16:30
Inamed Favors Allergan Bid
The cosmetic device maker leans toward $3.2-billion offer from Allergan over $2.8-billion bid from Medicis.
Inamed, a maker of breast implants and cosmetic treatments, said Wednesday it was leaning toward accepting Allergan’s $3.2-billion acquisition offer over a $2.8-billion bid made in March by Medicis Pharmaceutical.
Inamed’s board said the unsolicited offer Allergan made this week is likely to result in a "superior proposal" when compared to the bid submitted in March by Medicis (see Aesthetic Medicine Makeover).
Irvine, California-based Allergan offered $84 per share in cash, or 0.85 per share of Allergan common stock, for Santa Clara, California-based Inamed, compared to the $72.15 offered by Medicis in cash and stock.
Allergan said its bid represented a $450-million, or 16 percent, premium over Medicis’ offer, or 26 percent higher in terms of the cash component (see Allergan Bids $3.2B for Inamed).
Inamed shares rose $0.41 to $81.69 in recent trading after surging $6.84 to $81.28 on Tuesday. Medicis shares edged up $0.11 to $26.81 while Allergan shares climbed $0.63 to $96.88
Scottsdale, Arizona-based Medicis manufactures a wrinkle treatment known as Restylane. It offered a combination of $30 cash and 1.4 shares of its stock for each share of Inamed. But some Inamed shareholders complained the offer did not represent a fair value for the company.
Allergan said that if the offer is accepted, it will combine two global specialty companies with complementary portfolios. The deal will also accelerate Allergan’s growth and profitability while diversifying its revenues.
Obesity Technology
Allergan is especially intrgan is especially interested in Inamed Health’s non-invasive obesity treatment, the BioEnterics Lap-Band System.
If the acquisition receives the green light, Allergan said it will divest Inamed’s Reloxin botox product license in an effort to minimize potential antitrust issues.
Allergan is also poised to benefit from Inamed’s breast implant business. Inamed has been pushing to gain approval from the U.S. Food and Drug Administration to resume sales of silicone gel-filled implants, which have been restricted for the past 13 years (see
Breast Implants Get FDA Nod).In September, Inamed became the second silicone implant maker to receive an FDA "approvable letter," which is generally seen as a key step in obtaining federal approval to market a product. In April, an FDA advisory panel voted to send rival Mentor a similar notice.
But the silicone implant business could also prove troublesome as well. Inamed could again face lawsuits if the implants cause health problems, as they have in the past.
gigi/Karen..doesn't it make you want to gag...YES!
