Valeant Pharmaceuticals International Inc. (VRX, VRX.TO) Friday said the U.S. Federal Trade Commission has cleared its proposed $2.6 billion acquisition of dermatology products company Medicis Pharmaceutical Corp. (MRX). The company said the FTC has terminated a mandatory review of the deal.
Canada-based Valeant in September agreed to buy Medicis for $44 per share, or a total of about $2.6 billion. The proposed merger is still subject to other customary closing conditions, including the approval of the Medicis's stockholders at its special meeting scheduled for December 7.
The company expects to close the merger within four business days following satisfaction of all closing conditions.
The proposed combination will grab a major share of the U.S. dermatology market. Medicis has portfolio of products such as Solodyn, a prescription acne tablet, and injectable filler Restylane.
Valeant stock is trading at $55.09, up 3.32%, on a volume of 1.2 million shares on the NYSE. In Toronto, the stock is trading at C$55.18, up 3.28%.
Medicis stock is trading at $43.25, up 1.08%, on a volume of 2.6 million shares on the NYSE.
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