Medicis Pharmaceutical Spikes Higher on 8-K Filing Regarding Dismissed Lawsuit
As previously reported, on November 7, 2012, Q-Med AB (“Q-Med”) filed a complaint (the “Complaint”) against Medicis Pharmaceutical Corporation (NYSE: MRX) (the “Company”), HA North American Sales AB, a wholly-owned subsidiary of the Company (“HANA”) and Medicis Aesthetics Holdings Inc., in the United States District Court for the Southern District of New York (the “Court”). The Complaint seeks, among other things, a preliminary injunction prohibiting the Company from transferring its rights under its agreements with Q-Med to Valeant Pharmaceuticals, Inc. (NYSE: VRX) (“Valeant”) as a result of the previously announced proposed merger between the Company and Valeant (the “Merger”).
On December 5, 2012, the Court entered an order dismissing the lawsuit with prejudice, subject to leave within 30 days to request that the action be restored. As previously disclosed, the parties intend to close the Merger on December 11, 2012, subject to satisfaction of remaining customary closing conditions, including the approval of the Company's stockholders at the Company's special meeting of stockholders scheduled for December 7, 2012.
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