Inamed Corp. said Wednesday its board of directors instructed management to evaluate a proposed $3.2 billion cash-and-stock takeover bid from Allergan Inc. that could trump a competing offer.
Santa Barbara-based Inamed, which makes breast implants and other cosmetic treatment products, had been in talks to be acquired by Medicis Pharmaceutical Corp. Allergan is offering $84 in cash, or 0.8498 of a share of common Allergan stock, for Inamed. The deal between Inamed and Medicis valued Inamed at about $75 per share at the time it was made.
