Tag Archives: Medicis

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.

pharmaceuticals

Valeant agrees to buy Medicis for $2.6B

Valeant Pharmaceuticals International Inc. has agreed to buy Scottsdale-based dermatology products maker Medicis Pharmaceutical Corp. for about $2.6 billion in cash in a deal to strengthen its position in skin treatments and care.

Montreal-based Valeant, Canada’s largest publicly-traded pharmaceuticals company, said Monday that it has agreed to pay $44 per share for Medicis, a 39 percent premium over Friday’s closing price of $31.87 for the Scottsdale, Ariz., target company.

The boards of both companies have approved the deal. It needs approval by Medicis shareholders and regulatory clearance. The companies hope to complete the deal in early 2013.

Valeant Chairman and CEO J. Michael Pearson said the deal would be “a significant next step” toward making his company the leader in dermatology by expanding its products to treat acne as well as injectable aesthetic products often used to smooth out wrinkles and make people look younger.

Pearson has made 50 about acquisitions since taking over as CEO in 2008, including 15 this year. He said it’s their largest deal since Valeant combined with former competitor Biovail Corp. in late 2010.

Pearson said he would rather do acquisitions than spend on research and development which he calls a highly risky use of shareholder cash. He said the pharmaceutical industry’s productivity hasn’t been very good over the last decade.

“The attraction of this one is that this is squarely in the middle of dermatology where we already have a business. Their products are highly complementary to ours,” Pearson said. “It really fills in some holes that we had in our portfolio.”

He noted that they had no oral acne product and said Medicis has a great sales force.

“It will allow our sales reps to have a full line of products,” he said.

A Valeant spokeswoman said after the transaction its global dermatology sales will represent approximately 50 percent of the company.

The combined company’s commercial dermatology operations would be based in Scottsdale, and will operate under the Medicis name, the companies said. Its research and development operations would operate in Canada, Arizona and California. Corporate support functions would be based mostly in New Jersey.

The chairman and CEO of Medicis, Jonah Shacknai, called the offer compelling and said the combined portfolio of products under the Medicis name would be able to capitalize on opportunities in the markets for dermatology and aesthetic treatment.

Medicis’ prescription brands include Solodyn, Perlane, Ziana and Dysport.

Valeant expects the deal will produce cost savings at an annual rate of $225 million within six months of closing.

The deal comes after Valeant failed in its bid last year to acquire Cephalon after Teva Pharmaceutical Industries Ltd. trumped Valeant’s bid with a $6.8 billion for the company.

Scottsdale-based Medicis Pharmaceutical Corporation

Medicis Named To World’s Most Ethical Companies List

Scottsdale-based Medicis Pharmaceutical Corporation is the only pharmaceutical company in the world named to the Ethisphere Institute’s prestigious 2011 World’s Most Ethical Companies list. Ethisphere’s World’s Most Ethical Companies list is an admired roster of high-performing organizations that have achieved leadership positions in their respective industries through exemplary business ethics and corporate responsibility.

“Our business model is based upon providing physicians and patients with the safest and most effective medications and treatments possible,” explained Jonah Shacknai, Medicis founder, Chairman and Chief Executive Officer. “We hope physicians and patients make their choices on the basis of sound scientific information, and are not influenced by extraneous factors. To that end, we demand of ourselves the highest standards of behavior.”

The announcement of the winners coincided with the Global Ethics Summit, held this week in New York City, where Shacknai and Medicis General Counsel Seth Rodner delivered the opening keynote address. Their presentation provided unique insights into the successful business, legal and compliance collaboration at Medicis resulting in the Company’s compliance achievements.

This significant honor resulted from a rigorous independent evaluation process conducted on over 3,000 companies worldwide by the Ethisphere Institute, a leading international think tank dedicated to the ideal of creating sustainable competitive advantage through better business practices and corporate citizenship. Pursuant to this review process, Medicis is the only organization across the entirety of the highly regulated U.S. and global pharmaceutical industry to be awarded a place on this year’s rankings. Medicis is joined by such well-respected firms as Adidas, American Express, eBay, Ford Motor Company, PepsiCo, Starbucks and Xerox Corporation.

medicis.com