Sept. 3, 2012 (Shareholders Foundation) -- An investigation on behalf of investors in Medicis Pharmaceutical Corp (NYSE:MRX) shares was announced concerning whether the offer by Valeant Pharmaceuticals International to acquire Medicis Pharmaceutical Corp for $44.00 per NYSE:MRX share and the takeover process are unfair to investors in Medicis Pharmaceutical shares.

The investigation by a law firm concerns whether certain officers and directors of the Medicis Pharmaceutical Corp. breached their fiduciary duties owed to NYSE:MRX investors in connection with the proposed acquisition.

On September 3, 2012, Valeant Pharmaceuticals International, Inc. (NYSE:VRX) (TSX:VRX) and Medicis Pharmaceutical Corporation (NYSE:MRX) announced that they have entered into an agreement under which Valeant Pharmaceuticals International will acquire all of the outstanding common stock of Medicis Pharmaceutical Corporation for $44.00 per share in cash.

However, at least one analyst has set the high target price for NYSE:MRX shares at $45.00 per share. In addition, Medicis Pharmaceuticals financial performance improved over the past recent years. In fact, it reported that its annual Revenue rose from $516.67 million in 2008 to $721.13 million in 2011 and its Net Income skyrocketed from $10.28 million in 08 to $126.08 million in 2011. In addition, shares of Medicis Pharmaceutical Corp (NYSE:MRX) grew at an exceptional growth rate. In fact, NYSE:MRX shares grew from as low as $10.26 per share in March 09 to as high as over $40 in July 2011.

Therefore, the investigation a law firm concerns whether the proposed transaction is unfair to NYSE:MRX stockholders. Specifically, the investigation focuses on whether the Medicis Pharmaceutical Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.