Allergan Puts Medicis on the Defensive

Inamed (IMDC Quote) said Wednesday it will consider a buyout bid from Allergan (AGN Quote) that exceeds an earlier offer for the cosmetic-products company Medicis Pharmaceutical (MRX Quote).

By deciding to review the unsolicited offer from Allergan, Inamed's board extends the less-than-smooth takeover process that started in March when Medicis made its bid for Santa Barbara, Calif., company.

Along the way, the Medicis-Inamed deal has been stalled because the Federal Trade Commission asked for more information in May about potential antitrust issues. Recently, one of Inamed's largest shareholders complained that the price offered by Medicis, based in Scottsdale, Ariz., was inadequate. ...