Irvine-based Allergan Inc. set formal terms late Tuesday for buying Santa Barbara’s Inamed Corp. for $3.2 billion.
As expected, Allergan is set to pay $84 in cash or 0.8 of a share of its own stock for each share of Inamed.
The companies also said Inamed plans to give back the rights to Reloxin, its wrinkle reducer that’s seen as a rival to Allergan’s Botox, to Ireland’s Ipsen Pharmaceuticals Ltd.
In November, Allergan made a bid for Inamed, which had planned to be acquired by Scottsdale-based Medicis Pharmaceutical Corp. for $2.5 billion.
Medicis this month 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 is buying Inamed, which makes dermatology products, breast implants and weight-loss aids, in order to expand its medical cosmetics portfolio.
Inamed makes fillers for the lower part of the face that could be marketed in conjunction with Allergan’s flagship Botox drug.
