14 décembre 2005 16:45
Medicis Cancels Bid for Inamed I caught this yesterday and forgot to post it
The move allows rival Allergan to proceed with a higher $3.42-billion buyout offer for the maker of breast implants.
Medicis Pharmaceutical Corp. ended its agreement to acquire Inamed Corp. on Tuesday, allowing rival bidder Allergan Inc. of Irvine to proceed with a $3.42-billion buyout offer.
Santa Barbara-based Inamed, which makes breast implants, paid a termination fee of $90 million to end an agreement reached March 20, Medicis officials said. Allergan, the maker of Botox anti-wrinkle treatment, announced its competing offer Nov. 15.
Medicis dropped its bid, currently valued at $2.83 billion, after Inamed's third-largest shareholder opposed the purchase and Allergan offered more. Medicis, based in Scottsdale, Ariz., would have had to borrow at least an additional $550 million to match Allergan's bid, said Amit Hazan, equity research director at SunTrust Robinson Humphrey.
"There's a very high likelihood the Allergan deal will go through," Hazan said. "There's almost no chance shareholders will vote the deal down."
Inamed Chief Executive Nicholas Teti said in a separate statement that company directors favored the Allergan bid.
"The Inamed board is supportive of the Allergan offer and expects to consider final approval of the Allergan agreement and plan of merger shortly," he said.
Shares of Inamed fell 57 cents to $87.59. Allergan fell 74 cents to $109.20, and Medicis rose $1.40 to $34.71.
The purchase would give Allergan access to Inamed's Juvederm wrinkle fillers, which are injected into the face to smooth lines — a product that the company said would complement Botox. Americans spent about $8.4 billion on 9.2 million cosmetic procedures last year, up 24% since 2000, according to the American Society of Plastic Surgeons.
Inamed also would give Allergan saline breast implants and a surgical device to treat obesity.
SAC Capital, the hedge fund run by Steven Cohen and Inamed's third-largest shareholder, had said the Medicis offer didn't adequately value Inamed's products. gigi-Karen Inamed, makes me want to vomit! How many times has, 3M changed there name..while continuing to poison millions of, Children and women without compensating them..or giving them some measly amount while being extremely wealthy. And changing there name to avoid paying us, while all along developing a new toxic breast implant to become even wealthier. Inamed, has hid all of there previous victims from the, FDA data they presented to get there new toxic breast implant approved. Of course the, FDA isn't Without fault either..the Vet-(head of the FDA) could have requested Inamed produce it! As we've found out, the Vet had ties that interfered in his decision.. he should have been hung by his choke chain.. why wasn't he punished, because he's friends with Georgie Porgie. Who wants to pass a law that no pharma co. is held liable for faulty drugs or medical devices that not only harm people but kill them also.. and we won't be allowed to bring a law suit against them! That's taking care of your cronies, and stripping the Citizen's rights away in one bias law he hopes to pass soon. IMHO Don't forget, he owned stock in, Baxter.. if I'm not mistaken.
gigi-Karen
