An aesthetic medicine deal: Allergan to buy Inamed
Allergan, the US firm that makes aging treatment Botox as well as other eye and skin medicines, won a bidding war for Inamed. Inamed specializes in cosmetic medicine, including wrinkle removing, obesity treatments and breast implants. The combined company will be a giant in the rapidly growing, $13 billion "aesthetic medicine" area.
As David Pyott, Allergan CEO, is quotes as saying in a Wall Street Journal article ("Allergan Offers to Purchase Inamed", 11/15/05) "We're riding a global megatrend of people spending more of their disposable income on appearance, wellness and good looks." Aside from cosmetic treatments, allergen sells such ophthalmologic medicines as glaucoma and cataract treatments to the same extensive growing baby boomer demographic.
The $3.2 billion deal beat out a previous agreement whereby Medicis Pharmaceutical would buy Inamed for $2.6 billion. That deal had been dragging, and it is thought that there were some antitrust questions. Medicis is a major player in skin care, both for treating disorders and cosmetic restoration. Inamed in turn will sell off a Botox competitor it has developed, a drug that (if it gets FDA approval) will break Allergan's monopoly.
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