Irvine-based Allergan Inc. has finalized terms to buy breast implant maker Inamed Corp. in a deal Inamed’s board calls superior to a lesser offer from Medicis Pharmaceutical Corp.
Arizona’s Medicis offered $2.8 billion in cash and stock for Inamed in March. In November, Allergan offered $3.2 billion in cash.
Inamed’s board hasn’t officially signed off on a deal with Allergan, an issue complicated by its talks with Medicis.
Medicis had set today as a deadline for Inamed to decide on the offers. The company said it would seek to collect a $90 million break-up fee if Inamed goes with Allergan.
Separately, Allergan said it has talked with antitrust officials about a plan to divest Reloxin, a key Inamed product to smooth wrinkles that could compete with Allergan’s Botox.
