Valeant Pharmaceuticals Buys Obagi Medical For $360M

Long Beach-based Obagi Medical Products, the developer of aesthetic medicine products, is being acquired by Valeant Pharmaceuticals, in a deal worth approximately $360M, Obagi said this morning. Obagi said that Valeant has agreed to acquire all of its outstanding common stock for $19.75 per share in cash, a 42 percent premium to Obagi's closing share price on Thursday, March 14th. The firms said the deal is expected to be complete in the second quarter of 2013.