Medicis Pharmaceutical Terminates Merger Agreement With Inamed Corporation And Receives $90 Million Termination Fee

SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Dec. 13, 2005--Medicis (NYSE:MRX) (the "Company") today announced that it has elected to terminate its merger agreement with Inamed Corporation (NASDAQ:IMDC), and has received a termination fee payment of $90 million from Inamed. Medicis and Inamed originally entered the merger agreement on March 20, 2005. "After careful evaluation by the Board of Directors with consultation from outside counsel and financial advisors, we have concluded that it is in the best interests of Medicis shareholders not to raise our offer for Inamed," said Jonah Shacknai, Chairman and Chief Executive Officer of Medicis. "We are very excited about our business prospects, and have energized our corporate development efforts in both the aesthetic and dermatology sectors. Our pipeline is rich in near- and long-term opportunities."

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