Medicis Pharmaceutical Corporation history

1988: Jonah Shacknai founds Medicis and folds in Innovative Therapeutics Corp., founded a year earlier.

In July 1989 Medicis obtained the rights to its first products, the Theraplex line of shampoos and moisturizers, used in the treatment of acne and eczema.

The company held its IPO in 1990 and launched its first products over the following year.

Medicis was able to then move beyond the sale of shampoos and conditioners in 1991 with the establishment of its dermatological sales force and the launch of pharmaceutical products.

The next major product acquisition came in 1992 when Medicis bought from SmithKline Beecham the Esoterica line of products, which included treatments for dry skin, sun screen protection, and fade creams for liver spots, freckles, and other minor discolorations.

In a 1993 Wall Street Transcript interview, Shacknai revealed, "It occurred to me along the way that dermatology was really the place to be.

On the product front, the company launched Triaz in 1996.

Over the course of the next several months, Medicis became an investor darling and the price of its stock soon topped the $30 mark, adjusted for a 3-for-2 split in 1997.

Medicis enjoyed a number of positive developments in 1998.

1999: Company is listed on the New York Stock Exchange.

For fiscal 2000 Medicis recorded revenues of nearly $140 million and net income of approximately $43 million.

Another marketing development in 2002 was the hiring of Gerbir Snell/Weisheimer & Associates to create a direct-to-consumer marketing campaign for Lustra, used to treat sun-damaged skin.

Despite difficult economic conditions, Medicis continued to prosper in fiscal 2003, increasing revenues to $247.5 million and recording net profits of more than $51.2 million.

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

In September 2012, Canadian-based Valeant Pharmaceuticals 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.