Medicis to Acquire Inamed
Skin-care pharmaceuticals developer
Medicis
(MRX)
agreed to acquire breast-implant maker
Inamed
(IMDC)
for cash and stock worth $2.8 billion.
The price comes out to about $75 an Inamed share. The stock closed Friday at $66.24 with a market cap of about $2.4 billion. Inamed is expected to earn $2.31 a share in 2005, giving the takeover price a profit multiple of about 32.5. Its stock's 52-week range is $45.17 to $72.50.
The acquisition will create a global provider of breast and facial aesthetics products and therapeutic dermatological medicine with annual revenue of more than $700 million, operations in more than 12 countries, businesses in over 60 countries and about 1,500 employees.
The deal comes about a week after Inamed disclosed it is the subject of a
Securities and Exchange Commission
investigation into disclosures surrounding one of its implants. The company said the probe was formal and there was no guarantee it wouldn't widen.