Allergan Welcomes Inamed's Recommendation of Its Offer to Stockholders; Parties Look to Execute Merger Agreement and Close Transaction.IRVINE, Calif. -- Allergan, Inc. (NYSE NYSE See: New York Stock Exchange :AGN AGN Again (Amateur Radio) AGN Active Galactic Nucleus AGN Acute Glomerulonephritis AGN Accountants Global Network AGN Air Gabon (ICAO code) ) today welcomed the announcement made by the Board of Directors of Inamed Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :IMDC IMDC Illinois Medical District (Chicago, IL) IMDC Integrated Mission Design Center (NASA) IMDC Isolated, Missing, Detained, or Captured (personnel recovery) ) that the Inamed Board recommends Allergan's offer to acquire Inamed. Earlier in the day, Inamed announced that Inamed and Medicis (NYSE:MRX MRX Mission Rehearsal Exercise (US DoD) MRX Mental Retardation, X-Linked MRX Magneto-Resistive Extended MRX Magnetic Resonance, Soft Spectrum Coupled X-Ray Laser ) had terminated their previously executed merger agreement. Pursuant to Allergan's proposed agreement and plan of merger with Inamed (the "Merger Agreement"), and consistent with the exchange offer previously commenced by Allergan, Allergan would exchange for each outstanding common share of Inamed, either $84 in cash or 0.8498 of a share of Allergan common stock, at the election of the holder. Elections of Inamed stockholders are subject to proration Proration A situation during a corporate action in which the available cash or shares are not sufficient to satisfy the offers tendered by shareholders. Therefore, a proportion of both cash and shares is granted for each offer tendered. as described in Allergan's Form S-4 initially filed with the Securities and Exchange Commission on November 21, 2005 and subsequently amended, so that 45% of the aggregate Inamed shares tendered will be exchanged for cash and 55% of the aggregate Inamed shares tendered will be exchanged for shares of Allergan common stock. On December 6, 2005 Allergan delivered to Inamed an executed copy of the Merger Agreement accompanied by a written irrevocable offer regarding the execution of the Merger Agreement and the completion of the exchange offer and subsequent merger contemplated by the Merger Agreement. In accordance with the conditions in the irrevocable offer letter, Inamed (1) has advised Allergan that it will promptly provide Allergan with information relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc its dermal dermal /der·mal/ (der´mal) pertaining to the dermis or to the skin. der·mal or der·mic adj. Of or relating to the skin or dermis. filler product, Juvederm(R), currently in development, and (2) today provided Inamed's definitive disclosure schedules required by the Merger Agreement. Allergan's irrevocable offer is subject to the further condition that the Merger Agreement be executed by Inamed within 24 hours after Allergan notifies Inamed that Allergan is satisfied with the Juvederm(R) information and disclosure schedules provided by Inamed. Upon receipt of the Juvederm(R) information and Inamed's disclosure schedules to the Merger Agreement, Allergan expects that it will be in a position to complete its review within a matter of days. "Allergan is delighted that Inamed's Board supports our offer and recommends that Inamed stockholders tender their Inamed shares pursuant to Allergan's exchange offer upon execution of the Merger Agreement. Our companies are making good progress towards completing this transaction," said David E. I. Pyott, Allergan's Chairman of the Board, President and Chief Executive Officer. "We expect to complete our remaining due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. regarding Juvederm(R) shortly after Inamed delivers the Juvederm(R) information and look forward to a fully executed Merger Agreement shortly thereafter." Allergan's exchange offer for outstanding Inamed shares began on November 21, 2005 and will continue until 12:00 midnight EST EST electroshock therapy. EST abbr. electroshock therapy , on December 20, 2005, subject to extension or early termination. The exchange offer is conditioned, among other things, upon the expiration of the waiting period under the Hart-Scott-Rodino antitrust law antitrust law Any law restricting business practices that are considered unfair or monopolistic. Among U.S. laws, the best known is the Sherman Antitrust Act of 1890, which declared illegal “every contract, combination…or conspiracy in restraint of trade or . Allergan intends to extend the offer from time to time until the waiting period has expired. Allergan will provide further guidance on the anticipated closing date of the exchange offer as it continues to work with the FTC FTC See Federal Trade Commission (FTC). on the divestiture of Reloxin(R). To learn more about Allergan's proposed offer for Inamed and the details of the transaction, please go to the Allergan website www.Allergan.com. About Allergan, Inc. Allergan, Inc., with headquarters in Irvine, California Irvine is an incorporated city in Orange County, California, United States. It is a planned city, mainly developed by the Irvine Company since the 1960s. Formally incorporated on December 28 1971, the 69.7 square mile (180.5 km²) city has a population of 202,079 (as of 2007). , is a technology-driven, global health care company providing specialty pharmaceutical products worldwide. Allergan develops and commercializes products in the ophthalmology, neurosciences, medical dermatology, medical aesthetics and other specialty markets that deliver value to its customers, satisfy unmet medical needs, and improve patients' lives. Forward-Looking Statements This press release contains "forward-looking statements", including, among other statements, statements regarding the proposed business combination between Allergan and Inamed. Statements made in the future tense future tense n. A verb tense expressing future time. Noun 1. future tense - a verb tense that expresses actions or states in the future future , and words such as "expect", "believe", "will", "may", "anticipate" and similar expressions are intended to identify forward-looking statements. These statements are based on current expectations, but are subject to certain risks and uncertainties, many of which are difficult to predict and are beyond the control of Allergan. Relevant risks and uncertainties include those referenced in Allergan's filings with the SEC (which can be obtained as described in "Additional Information" below), and include: general industry and pharmaceutical market conditions; general domestic and international economic conditions; technological advances and patents obtained by competitors; challenges inherent in product marketing such as the unpredictability of market acceptance for new pharmaceutical and biologic products and/or the acceptance of new indications for such products; uncertainties regarding analysts' and other's projections and estimates for revenues and earnings of Inamed and market growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. ; domestic and foreign health care reforms; the timing and uncertainty of research and development and regulatory processes; trends toward managed care and health care cost containment cost containment, n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan. ; and governmental laws and regulations affecting domestic and foreign operations. Risks and uncertainties relating to the proposed business combination transaction include: that required regulatory approvals will not be obtained in a timely manner, if at all; that the anticipated benefits and synergies of the transaction will not be realized; that the integration of Inamed's operations with Allergan will be materially delayed or will be more costly or difficult than expected; and that the proposed transaction will not be consummated. These risks and uncertainties could cause actual results to differ materially from those expressed in or implied by the forward-looking statements, and therefore should be carefully considered. Additional Information Allergan has filed a Registration Statement on Form S-4 and a Tender Offer Statement on Schedule TO in connection with the exchange offer. Inamed stockholders should read those filings, and any other filings made by Allergan with the SEC in connection with the proposed acquisition, as they contain important information. These SEC filings, as well as Allergan's other public SEC filings, can be obtained without charge at the SEC's website at www.sec.gov, and at Allergan's website at www.Allergan.com. |
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