Medicis, Revance Settle Litigation - Analyst Blog
15 Octubre 2012 - 11:35AM
Zacks
Privately owned specialty biopharmaceutical company, Revance
Therapeutics, Inc. recently announced the termination of its
agreements with Medicis Pharmaceutical Corporation
(MRX) related to RT001 (botulinum toxin type A topical gel) and
RT002 (injectable botulinum toxin type A). Both companies also
settled their outstanding litigation.
As per the settlement agreement, Medicis will return worldwide
rights to Revance for developing and marketing both RT001 and RT002
for all indications. In return, Medicis will receive an upfront
payment of $7 million and up to an additional $18 million from
Revance on the achievement of certain events.
The companies will terminate the RT001 option agreement and the
RT002 licensing agreement entered in July 2009. However, Medicis
will continue to own its current stake in Revance.
We note that in September 2012, Valeant Pharmaceuticals
International, Inc. (VRX) had announced that it has
entered into an agreement with Medicis to acquire the latter for
$44.00 per share in cash. The deal value is estimated to be
approximately $2.6 billion. The transaction is expected to be
completed in the first half of 2013.
The Medicis acquisition price represents a 39% premium over the
closing price of last trading day (August 31, 2012) before the
announcement. The news was viewed positively by investors. The
share price of both Valeant and Medicis soared after the
announcement.
Medicis Pharmaceutical, a specialty pharmaceutical company, is
engaged in the development and marketing of products for the
treatment of dermatological and aesthetic conditions in the US. Key
products include Solodyn, Perlane, Restylane, Ziana, Dysport and
Zyclara.
Our Recommendation
We have a Neutral recommendation on Medicis. Medicis carries a
Zacks #3 Rank (Hold rating) in the short run.
MEDICIS PHARM-A (MRX): Free Stock Analysis Report
VALEANT PHARMA (VRX): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
Medicis (NYSE:MRX)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Medicis (NYSE:MRX)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024
Real-Time news about Medicis Pharmaceutical Corp. (New York Stock Exchange): 0 recent articles
Más de Medicis Artículos de Noticias