Allergan in $3.2bn bid for Inamed

Allergan has said that it has proposed to purchase breast implant maker Inamed for $3.2 billion.

The company said that the offer would give its share holders short and long term benefits, as well as allow Allergan, who manufacture Botox, to cross promote and sell both of the firm’s products to plastic surgeons, skin specialists and others.

In a statement, the company claimed that the purchase would “accelerate” Allergan’s growth and was superior to Medicis’ offer for Inamed. Allergen will offer $85 per share held. Medicis were to offer $75 a share.

David E I Pyott, chairman, president and chief executive of Allergan, said: “This compelling proposition fits Allergan’s strategy to leverage our strengths and solidify our leadership in high-growth specialty markets.

“As well as being financially superior to Inamed’s current merger agreement, Allergan can provide the financial resources, and scientific and management expertise necessary to fully realize the potential of Inamed’s products.”

Shares in Allergan had fallen by $2.60 dollars yesterday to $96.25.

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