Inamed Sold

dishdiva · March 21, 2005

I don't know if anyone's posted this...might be worth investigating to make sure the company buying Inamed is committed to continuing the band.

Here's what I found on Yahoo

Elizabeth

NEW YORK - Prescription skin medication maker Medicis Pharmaceutical Corp. said Monday it agreed to purchase Inamed Corp., a maker of breast implants and obesity treatments, for about $2.8 billion in cash and stock.

The deal will create a company with annual revenue of more than $700 million, operations in more than 12 countries and about 1,500 employees.

Medicis, based in Scottsdale, Ariz., posted 2004 sales of $303.7 million, and Santa Barbara, Calif.-based Inamed reported revenue of $384.4 million.

Under terms of the transaction, which has been approved by both companies' boards of directors, Inamed stockholders will receive 1.4205 shares of Medicis stock and $30 in cash for each Inamed common share held. That works out to about $75 a share, or a 13 percent premium over Inamed's share price as of Friday's close.

Inamed shares rose $3.06, or 4.6 percent, to $69.30 in morning trading on the Nasdaq Stock Market, while Medicis shares fell 90 cents to $30.78, below its 52-week low of $31.27, on the New York Stock Exchange (news - web sites).