pharmaceuticals

FTC clears Valeant Pharma’s purchase of Medicis

Canadian drugmaker Valeant Pharmaceuticals International Inc. said Friday that the Federal Trade Commission cleared its proposed purchase of dermatology products maker Medicis Pharmaceutical Corp.

Valeant said the antitrust regulatory agency has terminated a mandatory review of the deal. Valeant, which is based in Montreal, agreed to buy Scottsdale-based Medicis in September for $44 per share, or about $2.6 billion. That represented a premium of 39 percent over the latest closing price of Medicis stock.

Medicis shareholders are scheduled to vote on the deal on Dec. 7. The companies hope to complete the sale in early 2013.

Shares of Valeant rose $1.37, or 2.6 percent, to $53.69 in morning trading. Medicis stock picked up 50 cents to $43.29.

POSTED: . TAGS: , , , ,
AZ Business Magazine

About AZ Business Magazine

Over the past two-and-a-half decades, Arizona Business Magazine has grown to encompass not just Arizona Business Magazine, but also a whole host of other publications and signature events. Arizona Business Magazine is the state’s leading monthly business publication. Published by AZ Big Media, the magazine covers a wide-range of topics focusing on the Arizona business scene, and is aimed at high-level corporate executives and business owners.