Neurological and dermatology drugs maker Merz Pharma Group offered to purchase cosmetic products maker Obagi Medical Products Inc for $383.5 million, topping a bid by Canada's Valeant Pharmaceuticals International Inc .Merz's $22 per share bid represents a premium of 11 percent to Valeant's offer of $19.75.Obagi shares were trading above Merz's offer price at $22.90 in premarket trade, suggesting that some investors expect a bidding war.Merz was engaged in discussions with Obagi regarding a potential transaction, when Obagi and Valeant announced their deal on March 20, the Germany-based privately held company said.
Obagi Medical Products, Inc. (Obagi) is a specialty pharmaceutical company that develops, markets and sells, and is a provider of, topical aesthetic and therapeutic prescription-strength skin care systems and related products in the physician-dispensed market. Shares of OMPI remained unchanged at $19.71. In the past year, the shares have traded as low as $10.70 and as high as $19.90. On average, 451877 shares of OMPI exchange hands on a given day and today's volume is recorded at 279944.
Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX remained unchanged at $76.05. In the past year, the shares have traded as low as $42.47 and as high as $76.44. On average, 1321390 shares of VRX exchange hands on a given day and today's volume is recorded at 1450.
Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX traded higher by 1.39% or $1.06/share to $77.32. In the past year, the shares have traded as low as $43.99 and as high as $77.66. On average, 427342 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 0.
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