Tuesday, September 4, 2012
Montreal-based Valeant Pharmaceuticals International and Medicis Pharmaceutical of Scottsdale, Ariz., have entered into a definitive agreement under which Valeant will acquire all of the outstanding common stock of Medicis for $44 per share in cash. The transaction, which values Medicis’ common stock at approximately $2.6 billion, was unanimously approved by the boards of both companies. The $44 price represents a 39% premium to Medicis’ closing share price Friday, Aug. 31, the last trading day prior to the announcement, and a 31% premium to the three-month average trading price. The transaction is expected to close in the first half of 2013.