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news.Medicis and LipoSonix have entered into a definitive merger agreement under which Medicis will acquire Seattle-based LipoSonix.
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Under the terms of the transaction, approved by both companies’s boards of directors, Medicis will pay stockholders upon closing $150 million in cash for all of the outstanding shares of LipoSonix.
Medicis will fund the transaction from its existing cash balances. In addition, Medicis will pay LipoSonix stockholders certain milestone payments up to an additional $150 million upon the FDA approval of the LipoSonix technology and if various commercial milestones are achieved on a worldwide basis.
As a result of the acquisition, Medicis will broaden its aesthetics portfolio pipeline with LipoSonix’s body contouring technology. This completely non-invasive, focused ultrasound technology is designed to treat troublesome areas of fat which may not respond well to diet or exercise.
Subject to approval by the FDA, Medicis anticipates entering the US marketplace with the LipoSonix technology in the 2011 timeframe, if not sooner.