Medicis CEO Keeps His Wits

The head of Medicis Pharmaceutical (MRX) said Friday that he's continuing his effort to acquire Inamed (IMDC) even though Allergan (AGN) has made a competing bid.

Medicis Chairman and Chief Executive Jonah Shacknai said his company is proceeding with "all systems go" in pursuit of Inamed. He made the comments to investors at a Credit Suisse First Boston health care conference.

The company has filed a formal proxy with the Securities and Exchange Commission, set a Dec. 19 date for a shareholders' vote and filed answers to antitrust-related questions posed by the Federal Trade Commission. The FTC 30-day review period expires Dec. 14.

And if Inamed decides against what Shacknai calls an excellent offer, he said Medicis won't rethink its business strategy because he doesn't have "an emotional view" about the acquisition. If Inamed walks away from the Medicis offer, "we'll be just fine," he said.

Medicis, of Scottsdale, Ariz., specializes in skin-care products ranging from acne drugs to an antiwrinkle treatment. It made a cash and stock bid for Inamed in March, which was then worth $2.8 billion, or $75 a share. The deal included $30 in cash and 1.4205 Medicis shares for each share of Inamed, of Santa Barbara, Calif. Because Medicis' stock has fallen, the deal is now worth about $69 a share.

Early this week, Botox-maker Allergan offered $84 a share, or $3.2 billion, for Inamed, which specializes in skin-care products, breast implants and obesity products. Allergan's offer is $84 in cash or 0.8498 shares of Allergan for each share of Inamed. The target company's board said it would review the unsolicited offer from Allergan, of Irvine, Calif., whose other main business is eye-care medications.

Shackani wasn't asked whether he would try to beat Allergan's bid. He didn't volunteer any comment, except to say that the Medicis offer reflects the "full and fair value" of Inamed.

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