Allergan steps closer to Inamed merger

Allergan has moved closer to acquiring Inamed, after Inamed’s board recommended its offer to its shareholders.

The race has also been made easier after Inamed and Medicis terminated their previous merger agreement, with Medicis taking a $90 million termination fee payment from Inamed.

Allergan was offering $3.2 billion for Inamed, compared with Medicis’ $2.5 billion bid.

David Pyott, Allergan’s chairman of the board, president and CEO said: “Allergan is delighted that Inamed’s board supports our offer and recommends that Inamed stockholders tender their Inamed shares pursuant to Allergan’s exchange offer upon execution of the merger agreement.

“Our companies are making good progress towards completing this transaction.”

For the merger to go ahead Allergan is waiting for Inamed to provide details of its dermal filler product Juvederm, which is currently in development.

Mr Pyott added: “We expect to complete our remaining due diligence regarding Juvederm shortly after Inamed delivers the Juvederm information and look forward to a fully executed merger agreement shortly thereafter.”

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