Reuters: Global Markets: Valeant shares shoot higher on Medicis deal

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Valeant shares shoot higher on Medicis deal Sep 4th 2012, 14:25 Tue Sep 4, 2012 10:25am EDT (Reuters) - Valeant Pharmaceuticals International Inc's (VRX.TO) stock jumped 15 percent on Tuesday morning on news of the Canadian drugmaker's $2.6 billion deal to take over U.S. dermatology competitor Medicis Pharmaceutical Corp MRS.N. Medicis stock rose 38.0 percent to $43.55, which was still below Valeant's $44 a share offer. Valeant, Canada's biggest public drugmaker, announced the agreement to buy Medicis on Monday, when markets were closed in Canada and the United States. The combined company would dominate the U.S. dermatology market. Medicis led the market in gross sales in 2011, while Valeant was ranked third, Valeant said on a conference call on Tuesday. Valeant has been on the acquisition trail since its 2010 takeover by Biovail Corp, which assumed the Valeant name. The company said the Medicis deal, its biggest since a failed $5.7 billion bid to acquire specialty drugmaker Cephalon Inc last year, would add to its cash earnings per share immediately. Valeant Chief Executive Michael Pearson told Reuters on Monday that more deals are likely this year, though they would be smaller. Valeant's stock was up 15.4 percent at C$58.23 in early trading on Tuesday on the Toronto Stock Exchange. ($1=$0.99 Canadian) (Reporting by Allison Martell; Editing by Peter Galloway) Link this Share this Digg this Email Reprints

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