Medicis to Acquire Inamed in $2.8 Billion Deal

Prescription skin medication maker Medicis Pharmaceutical has agreed to purchase Inamed, a maker of breast implants and obesity treatments, for roughly $2.8 billion in cash and stock.

Under terms of the transaction, which has been approved by both companies' boards of directors, Inamed stockholders will receive 1.4205 shares of Medicis stock and $30 in cash for each Inamed common share held.

The deal will create a company with annual revenue of more than $700 million, operations in more than 12 countries and approximately 1,500 employees. The transaction is subject to the approval of Medicis and Inamed stockholders, regulatory approvals and customary closing conditions. The companies expect the transaction to close by the end of 2005.