Medicis Pharmaceutical is a medical cosmetics company based in

Bridgewater, New Jersey Bridgewater Township is a township in Somerset County, New Jersey, United States. The township is both a regional commercial hub for Central New Jersey (home to Bridgewater Commons and different corporate headquarters) and is a bedroom suburb ...

. It is a subsidiary of

Valeant Pharmaceuticals Bausch Health Companies Inc. (formerly Valeant Pharmaceuticals International, Inc.) is a Canadian multinational specialty pharmaceutical company based in Laval, Quebec, Canada. It develops, manufactures and markets pharmaceutical products and ...

, which acquired the company in 2012. Medicis is known for products such as

Solodyn Minocycline, sold under the brand name Minocin among others, is a tetracycline antibiotic medication used to treat a number of bacterial infections such as pneumonia. It is generally less preferred than the tetracycline doxycycline. It is also ...

and Ziana for treating

acne Acne, also known as ''acne vulgaris'', is a long-term skin condition that occurs when dead skin cells and oil from the skin clog hair follicles. Typical features of the condition include blackheads or whiteheads, pimples, oily skin, and ...

, and for Restylane and Dysport for treating facial

wrinkle A wrinkle, also known as a rhytid, is a fold, ridge or crease in an otherwise smooth surface, such as on skin or fabric. Skin wrinkles typically appear as a result of ageing processes such as glycation, habitual sleeping positions, loss of ...

History

Medicis was founded in

Scottsdale, Arizona , settlement_type = City , named_for = Winfield Scott , image_skyline = , image_seal = Seal of Scottsdale (Arizona).svg , image_blank_emblem = City of Scottsdale Script Logo.svg , nick ...

in 1988 by Jonah Shacknai and John Holaday. The company held its IPO in 1990 and launched its first products over the following year.

1997 Acquisition of GenDerm

In December 1997, Medicis acquired dermatology pharmaceuticals company GenDerm Corporation for $60M in cash. It also acquired Ucyclyd Pharma, a

Baltimore Baltimore ( , locally: or ) is the List of municipalities in Maryland, most populous city in the U.S. state of Maryland, fourth most populous city in the Mid-Atlantic (United States), Mid-Atlantic, and List of United States cities by popula ...

-based private company, for $23.4 million in April 1999. Ucyclyd's main product was Buphenyl ( sodium phenylbutyrate), used for treating

urea cycle disorder Urea, also known as carbamide, is an organic compound with chemical formula . This amide has two amino groups (–) joined by a carbonyl functional group (–C(=O)–). It is thus the simplest amide of carbamic acid. Urea serves an important r ...

s. In 2005, they rejected a $2.2 billion unsolicited takeover bid by

Mentor Mentorship is the influence, guidance, or direction given by a mentor. A mentor is someone who teaches or gives help and advice to a less experienced and often younger person. In an organizational setting, a mentor influences the personal and p ...

2011 Sale of LipoSonix to Solta Medical

In September 2011, the company sold its rights to the LipoSonix system to Solta Medical for $35 million. LipoSonix is an

ultrasound Ultrasound is sound waves with frequencies higher than the upper audible limit of human hearing. Ultrasound is not different from "normal" (audible) sound in its physical properties, except that humans cannot hear it. This limit varies ...

device intended to help destroy fat deposits in the vicinity of the stomach referred to as "belly fat". For the year, Medicis recorded $721 million in revenue with a gross profit margin of roughly 90 percent.

2011-2018 Media Attention

The company's founder, Jonah Shacknai, came to media attention in 2011 due to investigations into the deaths of his son Max and girlfriend Rebecca Zahau. A jury in a 2018 civil trial concluded that the death of Zahau a homicide by Jonah's brother, Adam Shacknai.

2012 buyout by Valeant

In September 2012, Canadian-based

and Medicis' management agreed that Valeant would acquire the company for $2.6 billion, or $44/share, 39 percent more than the stock’s Aug. 31 closing price. The deal was subject to shareholder and regulatory approvals. It was the 11th acquisition for Valeant that year and was expected to close the next summer. The transaction was completed in December 2012, with Medicis delisting and becoming a subsidiary of Valeant, after which its board of directors disbanded.Angela Gonzales for the Phoenix Business Journal. Dec 11, 201
Valeant, Medicis complete merger with Shacknai out
/ref> Later in December, Valeant dismissed 319 of Medicis' employees and retained 117. Shaknai left the company at the time of the acquisition and Medicis’ executive vice president and COO Ryan Weldon became company group chairman.

2015 Arizona Consumer Fraud Lawsuit and Judicial Precedent

In 2015 Medicis was charged under the Arizona Consumer Fraud Act, and Arizona allowed consumer fraud law to apply against pharmaceutical companies for the first time. Medicis marketed an extended release form of

minocycline Minocycline, sold under the brand name Minocin among others, is a tetracycline antibiotic medication used to treat a number of bacterial infections such as pneumonia. It is generally less preferred than the tetracycline doxycycline. It is also ...

, known to cause a lupus-like autoimmune response.

References

{{Reflist, 2 Pharmaceutical companies based in New Jersey Companies based in Scottsdale, Arizona