Allergan Puts Medicis on the Defensive
Medicis and Inamed had expected their deal to close by the end of the year if they got the necessary approvals. Analysts point out that Medicis could receive a $90 million break-up fee if Inamed walks away.
Allergan, of Irvine, Calif., made its offer just as Medicis was answering questions from the FTC. In a Tuesday filing with the Securities and Exchange Commission, Medicis said it has certified to the agency that it provided "substantially all the information" that had been requested by the FTC.
The FTC review was cited by Allergan's Pyott in his appeal to Inamed's board members and shareholders, contending his company's offer could get cleared easier. To accelerate an FTC review, Pyott said Allergan would agree to immediately shed Inamed's license to Reloxin, a skin treatment similar to Botox. Inamed licensed Reloxin from France's Ipsen.
Allergan's bid "offers greater value to Inamed stockholders and has greater certainty of completion than the pending merger
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