Deals
Valeant Revives Growth Plan With $2.6 Billion Medicis Deal
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Valeant Pharmaceuticals International Inc.’s $2.6 billion agreement to buy skin-care company Medicis Pharmaceutical Corp. recharges an acquisition plan that stumbled with last year’s failed bid for Cephalon Inc.
Valeant, Canada’s largest publicly traded drugmaker, said yesterday it will pay $44 in cash for each share of Scottsdale, Arizona-based Medicis, 39 percent more than the Aug. 31 closing price. Valeant rose 15 percent to $58.78 in New York trading, its biggest gain since January 2011 and highest close on record.