Obagi Medical Products, Valeant Pharmaceuticals deal

Valeant will acquire Obagi for $19.75 per share in cash, or about $344.3 million based on 17.4 million shares outstanding as of March 6. The price is a 28% premium to Obagi's close of $15.39 on March 19, the day before the deal was announced. Obagi's board has unanimously approved the deal, which is slated to close this half. Obagi, which markets skin disorder products through the physician-dispensed market, reported revenues of $120.7 million in 2012. Valeant, which reported 2012 revenues of $3.5 billion, said the acquisition will supplement its dermatology portfolio and build upon its aesthetics franchise. ...