Medicis, Inamed Gets Second FTC Request

Medicis Pharmaceutical, a maker of acne medications and antiwrinkle products, and breast implant maker Inamed said that the FTC has requested additional antitrust information related to their pending merger.

This is the second request received by the companies, and therefore extends the waiting period until 30 days after Medicis and Inamed have complied with the second request, unless that period is extended voluntarily by the parties or terminated sooner by the FTC. The companies said they intend to respond promptly to the request and continue to expect the transaction to close by the end of calendar 2005.

On March 21, Medicis announced it would purchase Santa Barbara, Calif.-based Inamed for roughly $75 per share in cash and stock, for a total equity value of $2.8 billion. The acquisition will create a company with annual revenue of more than $700 million, operations in more than 12 countries and approximately 1,500 employees.