Bidding War for the Aesthetic Market's Only Pure Play

Executive Summary

The aesthetic market is becoming somewhat incestuous, with all of its major players current embroiled in some sort of takeover attempt on the businesses of the others. Back in March, dermatology specialist Medicis made an offer to acquire Inamed, the only pure-play in the medical aesthetics market. Some months later, Mentor, Inamed's rival in breast implants, made an offer for Medicis. Now Allergan, "the Botox company," is vying for Inamed with what it believes is a better offer. That all four publicly traded companies are trying to merge with one another highlights just how hot the aesthetics market is today. The bidding war also highlights the unique characteristics of the medical aesthetics specialty, in terms of the blurring between devices and drugs.