The news that Medicis (NYSE:MRX) was cleaving a new line of business by buying Inamed (NASDAQ:IMDC) had chests heaving this morning. The move allows the specialty pharmaceutical company, best known for treatments of acne, eczema, rosacea, and anti-wrinkle medications, to bust into a new area of aesthetic medicine by getting its hands on a leading maker of breast implants.

The $2.8 billion deal rounds out an opportunity to create a global presence in aesthetic and therapeutic dermatologic products. Shareholders in Inamed will receive approximately 1.42 shares of Medicis along with $30 in cash for each share they own, which would be equivalent to about $75 a share or a 13% premium from Friday's closing price.

As Fool contributor David Marino-Nachison noted earlier this year, Medicis has offered investors a double dose of growth recently, with strong free cash flow generation and envious revenue production capabilities. It's given the market an eyeful, with a stock price that has doubled over the past five years and a growth in annual revenue that will bounce from $30 million to $700 million when the merger is complete.

Inamed, on the other hand, will perk up its ability to offer additional business to plastic and cosmetic surgeons and dermatologists. In January, the company had blossomed beyond implants to become a marketer of Botox treatments made by European pharmaceutical group Ipsen, while also selling an anti-obesity device called the Lap-Band, which is used in place of gastric bypass surgery.

Tom Gardner had placed Inamed on his Watch List in the Motley Fool Hidden Gems newsletter back in July 2003. He said then that regardless of how one felt about elective surgeries, they're not going away anytime soon. Like Medicis, it also was being valued off its ability to generate cash, but its rich valuation kept it from becoming a formal recommendation of the service.

The merger could present a voluptuous opportunity to be a full-service treatment company for people desiring an extreme makeover. As I noted last week in an article on mergers and acquisitions, Inamed investors should now take the opportunity to decide whether they want to be a part of Medicis or enjoy the profits realized from the offer. With more than 1,500 employees and a presence in more than 60 countries, it could enhance the figures in your portfolio.

Bust out of any preconceived notions you have of these two companies by reading other analyses of their business:

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Following the ingestion of too many Coors Lights and Krispy Kreme doughnuts, Fool contributor Rich Duprey may have to look into Inamed's Lap-Band device. He does not own any of the stocks mentioned in the article.