It’s done. Irvine-based Allergan Inc. finally wrapped up its $3.2 billion buy of Santa Barbara-based Inamed Corp., the drug maker said Thursday.
The deal had been held up for months on two fronts. One, it took Allergan a long time to get regulatory approval for the deal.
But a few weeks ago the Federal Trade Commission OK’d the acquisition after Allergan agreed to sell Inamed’s rights to Reloxin, a potential competitor to Allergan’s flagship Botox drug.
Ipsen Ltd., a European drug maker, is taking back rights to Reloxin and plans to sell them to Medicis Pharmaceutical Corp. of Scottsdale, which lost the bidding war for Inamed to Allergan.
A second holdup was shareholder-related. It took Allergan longer than initially expected to buy more than 90% of Inamed’s shares.
Allergan managed to buy the shares on March 17 and has been tying up some loose ends on the deal this week.
Allergan first made a bid for Inamed in November. At the time, Medicis was offering $2.5 billion for Inamed.
Inamed is a maker of breast implants, obesity treatments and skin fillers. The company is expected to boost the cosmetic businesses of Allergan, whose flagship product is the Botox wrinkle-reducing treatment.
“The acquisition will help us better serve the needs of our customers and address the growing demand among the baby boomer generation for safe and effective products that enhance one’s well being and appearance,” said Allergan’s chairman and chief executive, David E.I. Pyott, in a statement.
Allergan said 94% of Inamed’s shares were acquired by the company. Nearly all of the shares are being exchanged for Allergan shares.
Allergan sees the deal boosting its profits in 2007, but being neutral this year.
The company plans to integrate Inamed into its operations during the next 100 days.
Allergan has hired Boston Consulting Group to help the integration.
