Federal antitrust regulators said Wednesday that they had approved Botox maker Allergan Inc.'s $3.2-billion acquisition of Inamed Corp., citing an agreement with the companies to divest Inamed of its right to a potential rival to Botox.
The Federal Trade Commission voted 4 to 0 to clear the takeover. A final order by the commission is expected to be issued after a 30-day public comment period.
Irvine-based Allergan said it expected to complete its exchange offer for the outstanding shares of Santa Barbara-based Inamed's common stock Friday, the expiration date for the offer.
The two cosmetic treatment product makers agreed to combine in December.
Botox is the only botulinum toxin approved by the Food and Drug Administration to treat facial wrinkles.
Allergan said 45% of Inamed shares tendered would be exchanged for cash and 55% would receive Allergan stock.
Shares of Allergan rose $4.18, or 4%, to $114.63. Inamed gained $2.13, or 2%, to $91.55.