Irvine-based Allergan Inc.’s $3.2 billion takeover bid for Inamed Corp. moved a bit closer to fruition Tuesday.
Santa Barbara’s Inamed said that its planned $2.5 billion acquisition by Scottsdale-based Medicis Pharmaceutical Corp. is history.
Medicis bowed out of bidding for Inamed after it was paid a $90 million break-up fee, plus around $482,000 in expense reimbursement fees.
Allergan said it now is looking forward to closing the Inamed buy. Allergan made its play for Inamed last month, eight months after Medicis made its bid for Inamed.
“We see this as another positive step. We look forward to executing a merger agreement with Inamed,” the drug maker said in a statement.
Earlier Tuesday, Medicis said that it wasn’t in the best interest of its shareholders to raise its offer to compete against Allergan.
Inamed had called Allergan’s offer “superior” last week.
Allergan made its play for Inamed, which makes dermatology products, breast implants and weight-loss aids, in order to expand its wrinkle-reducing portfolio, among other things.
Inamed makes fillers for the lower part of the face that could be marketed in conjunction with Allergan’s flagship Botox drug.
