Medicis Pharmaceutical
| Public (NYSE: MRX) | |
| Industry | Biotechnology |
| Founded | 1988 |
| Founder | Jonah Shacknai |
| Headquarters | Bridgewater, New Jersey[1], USA |
| Revenue | $700 million (2010)[2] |
| $207 million (2010)[2] | |
| $123 million (2010)[2] | |
| Website | medicis.com |
Medicis Pharmaceutical was a medical cosmetics company founded in 1988 with headquarters in Scottsdale, Arizona.[3] In 2013, the company moved its headquarters to Bridgewater, New Jersey.[4] Among their products are Solodyn and Ziana for treating acne, and Restylane and Dysport for treating facial wrinkles.[5] As of September 2011, the company has also 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".[6]
Corporate structure
In December 1997, Medicis acquired the Lincoln, Illinois GenDerm Corporation, a dermatology pharmaceuticals company.[7] The merger was estimated to be worth $90 million.[citation needed] 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.[8] In 2005, they rejected a $2.2 billion unsolicited takeover proposal by Mentor.[9]
Chief Executive Officer
Jonah Shacknai, 54, is the founder and CEO of Medicis Pharmaceutical.[3] He came to media attention in 2011 due to the deaths of his girlfriend Rebecca Zahau and of his son Max Shacknai, which occurred within days of each other.[10] The day after Zahau's death, Medicis had its sharpest one-day decline in stock price since February.[11] Shacknai took time off from work following the deaths, and indicated that he would resume his regular attendance at Medicis' offices in September.[5]
2012 Takeover
On Monday September 3, 2012, Canadian based Valeant Pharmaceuticals tentatively offered 2.6 billion dollars for the company to expand its influence in the dermatological aspect of the pharmaceutical market. This offer would be approximately $44.00 a share.[12]
References
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