Word: reloxin
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...monogrammed sleeves, is an ophthalmologist, but he spends almost no time working on eyes and almost all of it driving from Palm Springs to L.A., youthanizing people for $500 to $600 a session. (Prices could start to come down nationwide if the FDA approves the first Botox rival, Reloxin, possibly as early as April.) He has given out offers for free procedures in gift bags at the Emmys and Latin Grammys and says three-quarters of the recipients--including the men--cashed them...
...battle started last spring when Medicis was set to pay $3.2 billion for Inamed, a medical aesthetics firm with a promising product pipeline that included potential Restylane competitor Juvéderm and the U.S. rights to distribute Dysport (a Botox-like muscle relaxant that will be marketed here as Reloxin). Weeks before the deal was to close, Allergan, based in Irvine, Calif., swooped in and outbid Medicis by $200 million and also had to fork over $90 million to Medicis as a termination fee. "At first it was a somewhat defensive move," admits Allergan CEO Pyott. "But then...
Allergan's triumph was short-lived, though. The Federal Trade Commission challenged the company's Botox monopoly and ruled that it couldn't retain Reloxin. Guess who got the spoils? Medicis. "We lost the battle but got the product we wanted anyway," says Manny Kapur, Medicis' business director in Canada. "And we got to buy it with their money," adds Jonah Shacknai, chairman and CEO of Medicis...
...moment, though, Allergan has the competitive edge. Juvéderm will roll out in January. Medicis' Perlane won't be available until the middle of next year; Reloxin isn't expected until early 2008. Shacknai isn't too worried. He expects that market leader Restylane will hold on to its share of the filler segment and its near 90% profit margins. "We're the leading filler and have lots of pioneering products coming to market," he says. "Eventually, we will be able to meet every need for filling the face...
...will Allergan. After buying up Inamed, minus Reloxin, it formed a separate medical-aesthetics division. Part of its mission, according to its head, Robert Grant: to build "a total facial-rejuvenation portfolio" that can capitalize on Allergan's Botox-driven market reach. "This is an opportunity to create a new category which will have legs not just for the next decade but for the next 100 years," he says...