Valeant Pharmaceuticals International Inc. (VRX) raised its offer for Obagi Medical Products Inc. to $24 a share from $19.75, after the maker of prescription skin care products received a competing bid from closely held Merz Pharma Group.
Obagi’s board unanimously approved the higher cash offer from Valeant, the two companies said in a statement today. The bid values Obagi at about $417 million. Frankfurt-based Merz offered offered $22 a share.
Obagi, based in Long Beach, California, makes Nu-Derm, an anti-aging treatment. The product had about $62 million in sales last year.
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