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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.