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Medicis CEO Keeps His Wits

He also left no doubt that Inamed's skin-care business was the biggest attraction for Medicis. The key to the Medicis bid is the experimental skin treatment, Reloxin, which is similar to Allergan's Botox. When Allergan made its offer for Inamed, it also said it would divest its rights to Reloxin to avoid antitrust concerns. Inamed licenses Reloxin from the French company Ipsen.

On Friday, when one analyst asked if Medicis would pursue Reloxin if the Medicis-Inamed deal falls through, Shacknai called Reloxin the "threshhold event" in its romance of Inamed. If Medicis wasn't convinced that Reloxin could be a star product, Medicis wouldn't have made a bid for Inamed, Shacknai said.

He also made it clear that Inamed's skin-care business was more of a lure than its breast-implant business. Inamed is dueling with Mentor (MNT) to get government approval to use silicone breast implants for cosmetic surgery.

Right now, silicone implants are restricted to a few uses, such as breast reconstruction for women who have undergone mastectomies. Mentor and Inamed sell silicone gel implants in foreign markets for cosmetic surgery. They also sell saline-filled implants in U.S. and foreign markets for cosmetic purposes.

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