Valeant Pharmaceuticals (VRX.TO), a Canadian drugmaker on the acquisition trail, has approached Medicis Pharmaceutical (MRX.N) about a possible takeover, the Wall Street Journal reported on Monday, citing people familiar with the matter. An acquisition of Medicis, which makes dermatological and aesthetic pharmaceutical products, would fit with Valeant's stated goal of becoming the world's biggest player in the skincare sector in about five years. Medicis and Valeant were not available for immediate comment on Monday. Valeant has been on the lookout for acquisitions since it failed in May to acquire U.S. rival Cephalon Inc (CEPH.O) for $5.7 billion.
Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX traded higher by 0.77% or $0.3/share to $39.21. In the past year, the shares have traded as low as $21.92 and as high as $57.24. On average, 2620150 shares of VRX exchange hands on a given day and today's volume is recorded at 5140749.
Medicis Pharmaceutical Corporation (Medicis) together with its wholly owned subsidiaries, is a specialty pharmaceutical company focusing primarily on helping patients attain a healthy and youthful appearance and self-image through the development and marketing in the United States of products for the treatment of dermatological and aesthetic conditions. Shares of MRX traded higher by 5.52% or $1.77/share to $33.86. In the past year, the shares have traded as low as $24.97 and as high as $40.51. On average, 1211260 shares of MRX exchange hands on a given day and today's volume is recorded at 3946538.
Cephalon, Inc. is a global biopharmaceutical company dedicated to discovering, developing and bringing to market medications to improve the quality of life of individuals around the world. Shares of CEPH fell by 0.64% or $-0.505/share to $78.40. In the past year, the shares have traded as low as $54.15 and as high as $81.11. On average, 2159820 shares of CEPH exchange hands on a given day and today's volume is recorded at 3838701.
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