Valeant Pharmaceuticals International Inc. has entered into an agreement to acquire Obagi Medical Products Inc. According to reports, Valeant will acquire all the outstanding common stock of Obagi for $19.75 a share in cash, or $360 million.
The professional skin-care company founded by Beverly Hills-based dermatologist Zein Obagi. The Obagi brand, founded in 1988 with the creation of the Obagi Nu-Derm System, is only available through medical professionals. Dr. Obagi sold his controlling interest to outside investors in 1997
At press time, the Obagi board approved the offer, and both companies expect the transaction to be completed in the second quarter of 2013.