Obagi, Valeant Raise Price As Bidding War Breaks Out

Long Beach-based aesthetic medicine developer Obagi Medical Products, and would-be acquirer Valeant Pharmaceuticals, which is based in Aliso Viejo, said this morning that Valeant has raised its offer to acquire Obagi to $24.00 per share in cash. The move comes a day after Obagi said it received an unsolicited bid of $22.00 per share in cash from Merz Pharma from the company. Obagi said its board of directors has unanimously approved the amended transaction. The two had earlier reached a deal for Valeant to pay $19.75 per share in cash for the company.