Today's Transactions <br>Valeant Pharmaceuticals Purchases Medicis Pharmaceutical for $2.6B
Valeant Pharmaceuticals International Inc. (NYSE: VRX, TSX: VRX) will acquire Medicis Pharmaceutical Corp. (NYSE: MRX) for $2.6 billion, or $44 per share.
Medicis’ dermatology products include Restylane, Solodyn, Perlane, Ziana, Dysport and Zyclara. Valeant produces dermatology and generic medicines as well as cosmetic-pharmaceutical products.
The combined company’s operations will be based in Scottsdale, Ariz. under the name Medicis, a division of Valeant.
Montreal-based Valeant agreed to purchase OraPharma Inc. from private equity firm Water Street Healthcare Partners LLC for $312 million in June. The company also agreed to acquire certain assets of University Medical Pharmaceuticals Corp. for $64 million in May.
Skadden Arps Slate Meagher & Flom LLP represented Valent on the deal, while Sullivan & Cromwell LLP served as legal counsel. J.P. Morgan Securities LLC was Valeant’s financial adviser. Weil Gotshal & Manges LLP and Latham & Watkins LLP advised Medicis, while Deutsche Bank Securities Inc. and Roberts Mitani LLC served as financial advisers.
For more coverage the cosmetic pharmaceutical industry, see “Skin Deep: Cosmetics Go Medical.”