Inamed Board Takes Swiss Approach

The four-way fight in the cosmetic drug and device industry moved to the next round Tuesday when Inamed (IMDC Quote) said a takeover bid by Allergan (AGN Quote) is superior to a previous offer from Medicis Pharmaceutical (MRX Quote).

However, Inamed said its board was remaining neutral and not making a recommendation to its shareholders about the Allergan bid. Inamed, based in Santa Barbara, Calif., said the board was reserving its endorsement because Allergan has made a "revised" bid that's "materially different" than last month's offer from the Irvine, Calif., maker of Botox and eye-care drugs.

Inamed also said it can't take sides because it's "unable to enter into a definitive merger agreement with Allergan reflecting the terms of the revised offer until such time, if any, as Inamed's merger agreement with Medicis is terminated." ...