Prescription skin medication maker Medicis Pharmaceutical Corp. said Monday it agreed to purchase Inamed Corp., a Santa Barbara-based maker of breast implants and obesity treatments, for about $2.8 billion in cash and stock.
Under the terms of the deal, Inamed stockholders will receive 1.4205 shares of Medicis common stock and $30 in cash for each share of Inamed common stock. Based on Medicis’ latest closing price, the deal is worth $75 per Inamed share, or about $2.8 billion overall, the companies said.
The deal will create a company with annual revenue of more than $700 million, operations in more than 12 countries and about 1,500 employees.
