Medicis may have been out-bid in its effort to buy Inamed, but it looks like it will end up with the most sought-after prize in the acquisition after all. With Allergan poised to go ahead with its $3.2 billion acquisition of Inamed, Medicis licensed the experimental anti-wrinkle drug Reloxin from Ipsen. The FTC has agreed to approve the buyout provided Inamed returns the development rights to Reloxin to France's Ipsen. Medicis says that Reloxin promises to get through the FDA approval process and was as good as Botox. Investors liked the deal too, sending Medicis shares up 13 percent on the news.

- here's the Wall Street Journal article (sub.req.)