Medicis makes dermatological and aesthetic pharmaceutical products. It has a market capitalization of about $2.1 billion.
Valeant reportedly also has approached Swedish specialty drug maker Meda AB about a takeover.Valeant's approach for Medicis comes amid an investigation into death of the girlfriend of Medicis's founder and chief executive, Jonah Shacknai, The Wall Street Journal reported. Since the girlfriend's death at Shacknai's home in July, Medicis shares have been underperforming the broader market, leaving the company vulnerable to a takeover approach, people familiar with the matter told the newspaper. Shares of Medicis finished almost 5% higher Monday to $33.63 as reports surfaced about the company's possible sale. -- Written by Joseph Woelfel
>To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: firstname.lastname@example.org.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV