Wednesday, November 16, 2005

Inamed Receives Bid From Allergan

Santa Barbara-based INAMED said yesterday that it has received an unsolicited bid from Allergan to acquire the firm. The bid is worth $1.45 billion in cash and 17.9 million shares of Allergan common stock, worth approx. $3.2 billion in total. The bid pits Allergan against an agreement made in March with Medicis Pharmaceuticals to acquire Inamed for $2.8B in cash and stock. Inamed's board has authorized management to consider the offer from Allergan.