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Allergan unveils $3.2 billion bid for Inamed, topping Medicis offer by $450 million
By E. Janene Geiss
Philadelphia, Nov. 15 - Allergan, Inc. launched a bid to acquire Inamed Corp. for $84 per share in cash or 0.8498 of a share in common Allergan stock, according to a Tuesday news release.
The offer values Inamed at about $3.2 billion, a premium of about $450 million over the current value of Medicis' offer based on Medicis' closing price of $29.67, officials said in the release.
In total, Allergan is offering to pay $1.45 billion in cash and 17.9 million in shares. Choices made by Inamed stockholders would be subject to proration to meet those limits.
The offer was approved by Allergan's board of directors and communicated Monday to Nicholas L. Teti, Inamed's chairman, president and chief executive officer, by David E. I. Pyott, Allergan's chairman, president and chief executive officer.
The acquisition would enable Allergan to offer a broad portfolio of medical aesthetic products to patients and customers and leverage significant growth and cross-marketing and cross-selling opportunities, officials said. Inamed's brand names include various dermal fillers, which complements Allergan's Botox Cosmetic and leading breast aesthetics portfolio.
The deal also would create cross-marketing and cross-selling opportunities to dermatologists, plastic surgeons and other medical aesthetic specialists.
"This compelling proposition fits Allergan's strategy to leverage our strengths and solidify our leadership in high-growth specialty markets," Pyott said in the release.
"As well as being financially superior to Inamed's current merger agreement, Allergan can provide the financial resources and scientific and management expertise necessary to fully realize the potential of Inamed's products. We strongly believe that this acquisition will provide long-term value to both companies' stockholders, employees, customers and patients, and look forward to entering discussions with Inamed to reach an agreement soon," Pyott said.
In March, Inamed and Medicis announced their merger agreement.
Irvine, Calif.-based Allergan is a specialty pharmaceutical company.
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