US drugmaker Allergan has made a $3.2 billion dollar offer to buy Inamed, a manufacturer of breast implants, in an attempt to break up a proposed merger with Medicis.
Medicis and Inamed said they would tie the knot in March, but Allergan's offer of $84 per Inamed share tops the $72.14 bid by Medicis, which sells a range of dermatological treatments.
Allergan said that it was a good match for Inamed, whose breast implant and dermal filler products would complement its own product portfolio, which includes Botox (botulinum toxin type A) for wrinkles. Allergan is also interested in LAP-BAND, a surgical device used to treat obesity, and said the combined company would be able to offer a comprehensive 'medical aesthetic' portfolio. A condition of a merger between Allergan and Inamed would likely be the divestment of Reloxin, a botulinum toxin product sold by Inamed.
Allergan said it plans to pay for the deal using $1.45 billion in cash and 17.9 million of its shares.