NEW YORK, Sept. 4, 2012 (GLOBE NEWSWIRE) -- Kirby McInerney LLP announced today that it is investigating potential claims against the Board of Directors of Medicis Pharmaceutical Corporation ("Medicis" or the "Company") (NYSE:MRX) related to the proposed acquisition of the Company by Valeant Pharmaceutical International, Inc. ("Valeant") (NYSE:VRX) for $44.00 per share in cash. The $44.00 per share price is a 39% premium to the Company's closing stock price the trading day before the transaction was announced. The all-cash transaction values the Company's common shares at approximately $2.6 billion based on the approximately 59 million shares outstanding.
The investigation concerns whether the Medicis Board of Directors violated its fiduciary duties by agreeing to this transaction and whether the proposed $44.00 per share cash consideration adequately values Medicis common shares. Following the acquisition announcement, Valeant shares have risen over 16% and, according to Bloomberg data, the transaction values Medicis at approximately 12 times the Company's last twelve months earnings before interest, taxes, depreciation, and amortization ("EBITDA") compared with a median multiple of 14 times EBITDA in 8 other recent pharmaceutical transactions.
If you are a Medicis shareholder and wish to obtain additional information, please contact J. Brandon Walker, Esq. by email at bwalker@kmllp.com or by telephone at (212) 371-6600 or (888) 529-4787.
Kirby McInerney LLP is a New York-based law firm concentrating in securities, shareholder, whistleblower, antitrust and consumer litigation. For additional information, please go to http://www.kmllp.com.