Lifestyle Drug Drama Heats up

Medicis, the dermatology products firm that reached an agreement to purchase Inamed earlier this year, is now itself the subject of a $2.2 billion acquisition bid from breast implant maker Mentor. Medicis has rebuffed Mentor's offer and issued a deadline to Inamed, which is the subject of a competing bid by Botox-maker Allergan. Medicis gave Inamed until Dec. 6 to recommend that its shareholders reject the Allergan offer or risk paying a $90 million termination fee under its agreement with Medicis. Meanwhile, Mentor has indicated it is willing to improve its offer for Medicis by infusing cash. All players are vying for a leadership position in the so-called lifestyle therapies market, which is estimated to be worth $25 billion annually today and projected to grow exponentially over the next decade.