Type Subsidiary Website medicis.com Founded 1988 Parent organization Valeant Pharmaceuticals | Industry Pharmaceuticals Founder Jonah Shacknai CEO Jonah Shacknai (1988–) | |
 | ||
Fate Acquired (December, 2012) Headquarters Scottsdale, Arizona, United States Subsidiaries Ucyclyd Pharma, Inc, Liposonix | ||
Cramer interviews medicis pharmaceutical ceo
Medicis Pharmaceutical was a medical cosmetics company founded in 1988 with headquarters in Scottsdale, Arizona. It was acquired by Valeant Pharmaceuticals in 2012 and in 2013, the company moved its headquarters to Bridgewater, New Jersey. Among their products are Solodyn and Ziana for treating acne, and Restylane and Dysport for treating facial wrinkles.
Contents
Medicis pharmaceutical nyse mrx stock trading idea 9 2 return in 3 weeks
History
Medicis was founded in 1988 by Jonah Shacknai and John Holaday. The company held its IPO in 1990, and launched its first products over the next year.
In December 1997, Medicis acquired GenDerm Corporation, a dermatology pharmaceuticals company, for $60M in cash. Medicis also acquired Ucyclyd Pharma, a Baltimore-based private company, for $23.4 million in cash in April 1999. Ucyclyd's main product was Buphenyl (sodium phenylbutyrate), used for treating urea cycle disorders. In 2005, they rejected a $2.2 billion unsolicited takeover proposal by Mentor.
In September 2011, the company sold its rights to the LipoSonix system to Solta Medical, for $35 million. LipoSonix is an ultrasound device intended to help destroy fat deposits in the vicinity of the stomach, referred to as "belly fat".
Shacknai came to media attention in 2011 due to the deaths of his son, Max Shacknai, and subsequent suicide of his girlfriend, Rebecca Zahau.
In 2011 Medicis had $721 million in revenue and had a gross profit margin of roughly 90.7 percent.
In September 2012 Canadian based Valeant Pharmaceuticals and Medicis' management agreed that Valeant would acquire Medicis for 2.6 billion dollars, or $44/share, 39 percent more than the stock’s Aug. 31 closing price. The deal was subject to shareholder and regulatory approvals. It was the 11th acquisition for Valeant that year and was expected to close the next summer. The transaction was completed in December 2012, with Medicis delisting and becoming a subsidiary of Valeant, and the board of directors disbanded. Later in December Valeant dismissed 319 of Medicis' employees and retained 117. Shaknai left the company at the acquisition and Medicis’ executive vice president and COO, became the executive vice president and company group chairman of Valeant to run the subsidiary.