- As seen inthe Phoenix Business Journal…
- Jennifer A. Johnson Reporter – Phoenix Business Journal
- Medicis Pharmaceutical Corp. snagged drugmaker Graceway Pharmaceuticals LLC in a bankruptcy auction with a $455 million bid.
The Scottsdale-based maker of acne and wrinkle treatments will add Graceway’s asthma medications, skin treatments and women’s health products to its drug lineup.
The purchase was approved by the U.S. Bankruptcy Court in Wilmington, Del., on Nov. 22 and is expected to close in early December, according to a Medicis filing from the U.S. Securities and Exchange Commission.
Medicis (NYSE: MRX) won the bid over Switzerland-based Galderma SA, which started bidding at $275 million.
“We are pleased to announce this strategic acquisition of the Graceway product portfolio, and the ability to broaden our presence within dermatology,” said Jonah Shacknai, chairman and CEO of Medicis in a statement. “We anticipate near-term positive cash flow as we market certain newly acquired Graceway products.”
Read more at the Business Journal