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Merz Pharma Group Withdraws Proposal to Acquire Obagi Medical Products

    Merz Pharma Group Withdraws Proposal to Acquire Obagi Medical Products

PR Newswire

FRANKFURT, Germany, April 8, 2013

FRANKFURT, Germany, April 8, 2013 /PRNewswire/ --Merz Pharma Group ("Merz" or
"the Company") today announced that it has withdrawn its non-binding proposal
to acquire all of the outstanding common stock of Obagi Medical Products, Inc.
(NASDAQ-GS: OMPI) ("Obagi") for $22 per share in cash. The decision to
withdraw the proposal follows the recent announcement that Valeant
Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX) ("Valeant")
increased its offer to acquire Obagi from $19.75 to $24.00 per share in cash,
pursuant to an amendment to the Valeant and Obagi Agreement and Plan of
Merger, dated March 19, 2013.

"Obagi was an opportunity worth pursuing given its complementary fit with
Merz's portfolio of injectables," said Merz CEO Philip Burchard. "However,
Merz is a disciplined buyer and at this level the economics of such a
transaction do not meet our requirements. We look forward to exploring other
acquisition opportunities that fit our strategy. In addition, we will build on
Merz's strong position in the markets we serve and continue to invest in our
own R&D."

About Merz Pharma Group

Merz is involved in the research, development and sale of innovative drugs and
medical products for neurological and clinical dermatology indications as well
as for aesthetics medicine and metabolic disorders. Memantine, the world's
first glutamatergic drug for the treatment of moderate to acute
Alzheimer's-induced dementia, is the second most prescribed medication for
dementia. Merz offers the first botulinum toxin that is free of complex
proteins for treating neurological movement disorders. Another core competency
of Merz lies in clinical and aesthetic dermatology. Merz Aesthetics offers a
tailored and harmonized portfolio of products for minimally invasive
treatments and Merz is an important player in the US aesthetics market with
products Radiesse, the neurotoxin Xeomin and the filler Belotero. In the
Consumer Products segment, Merz Consumer Care is the leading provider of OTC
medication, dietary supplements and skincare products in the German-speaking
countries with its well-known tetesept® and Merz Spezial® brands. The Merz
Pharma Group employs 2,391 people worldwide (prior year: 2,131). The Company
generated revenue of EUR 913 million in fiscal year 2011/12 (prior year: EUR
649.6 million).

Media Contacts:

Ute Weinhold
Corporate Communications
+ 49-69-15 03-889

Rachel Chase
Merz North America – Corporate Communications
336-217-2423

Steve Frankel / Averell Withers
Joele Frank, Wilkinson Brimmer Katcher
212 355 4449

SOURCE Merz Pharma Group
 
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