Allergan Receives Final Regulatory Approvals from Germany and Spain
Allergan, Inc. announced that it has received final approval from the antitrust authorities in Germany and Spain in connection with its Exchange offer for all outstanding shares of common stock of Inamed Corporation. The antitrust clearances in Germany and Spain are the only antitrust approvals required outside of the United States.
Allergan and Inamed are continuing to work with the Federal Trade Commission staff to complete Inamed's divestiture of its license to Reloxin(R). Such divestiture is being discussed to facilitate the antitrust approval of Allergan's acquisition of Inamed in the United States, which is the only remaining antitrust clearance required to complete the acquisition.
In the exchange offer, Allergan is offering to exchange for each outstanding share of Inamed common stock, either $84 in cash or 0.8498 of a share of Allergan common stock, at the election of the holder. Elections of Inamed stockholders are subject to proration as described in Allergan's Form S-4 registration statement initially filed with the Securities and Exchange Commission (SEC) on November 21, 2005, and subsequently amended, so that 45% of the aggregate Inamed shares tendered will be exchanged for cash and 55% of the aggregate Inamed shares tendered will be exchanged for shares of Allergan common stock.
The exchange offer is scheduled to expire at 5:00 p.m. Eastern Time on Tuesday, January 24, 2006.
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