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Medicis buying LipoSonix for $150 million

By Associated Press
June 16, 2008 | Comments (0)

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Medicis Pharmaceutical Corp. said Monday it will by privately held LipoSonix for $150 million in cash in a move to expand its aesthetics portfolio.

Medicis makes a range of specialty pharmaceutical products to treat acne and skin conditions along with cosmetic dermal fillers. LipoSonix makes a system that uses ultrasound technology to remove unwanted fat. The product is not yet approved in the U.S., though Medicis expects it could enter the market by 2011.

The buyout deal also includes milestone payments up to an additional $150 million for LipoSonix upon Food and Drug Administration approval. Medicis said it will provide updated 2008 guidance when the deal closes.

Shares of Medicis closed unchanged at $22.72.

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