Inamed’s Board Embraces Allergan’s Offer After Dissolving Deal With Medicis
This article was originally published in The Gray Sheet
Executive Summary
Inamed's board unanimously approved a proposed plan to merge with Allergan for $3.2 bil. on Dec. 15, two days after rejecting Medicis' $2.8 bil. acquisition offer
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Allergan, Inamed forge ahead
Allergan and Inamed sign a definitive merger agreement Dec. 20 after Inamed's board unanimously approved Allergan's $3.2 bil. bid Dec. 15. Forty-five percent of aggregate Inamed shares tendered will be exchanged for cash and 55% will be exchanged for shares of Allergan common stock. As expected, Inamed divested its Reloxin botulinum toxin product by entering into a termination agreement with Ipsen Ltd., restoring Ipsen's rights to the product (1"The Gray Sheet" Dec. 19, 2005, p. 4). Inamed and Allergan say they are working with the Federal Trade Commission and other regulatory agencies, but do not provide a definitive timeline for merger completion...