Issue Date: September 10, 2012
Valeant Gets Medicis In Skin Drug Merger
Valeant Pharmaceuticals has signed a $2.6 billion cash deal to acquire Medicis Pharmaceutical, based in Scottsdale, Ariz. The Canadian firm will pay $44.00 per share, or about one-third more than Medicis’ recent share price. Medicis sells prescription skin-enhancing and dermatology products. Valeant expects the combined company to have more than $1.7 billion in dermatology product sales this year. Valeant will operate its dermatology business under the Medicis name, with headquarters in Arizona and R&D in the U.S. and Canada.
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