Valeant (VRX) Receives FTC Clearance to Acquire Medicis Pharma (MRX)

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Valeant Pharmaceuticals International, Inc. (NYSE: VRX) announced today that the U.S. Federal Trade Commission (FTC) has completed its review of the proposed acquisition of Medicis Pharmaceutical Corporation (NYSE: MRX) by Valeant and has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR) without conditions. The grant of early termination is effective as of November 15, 2012.

The proposed merger remains subject to other customary closing conditions, including the approval of the Medicis's stockholders at its special meeting of stockholders scheduled for December 7, 2012. The Company expects to close the merger within four business days following satisfaction of all closing conditions.

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