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.Shares of Obagi, which makes skin care products to treat signs of aging, acne and sun damage, were trading above Merz's offer price at $22.91 at midday, suggesting that some investors expect a bidding war.Analysts ruled out the possibility, saying the offer was fairly valued. "I thought that (Valeant's) $19.75 was also a good offer for Obagi given that it is a company that is growing at about 7 percent, and it is kind of an old product line," Stifel Nicolaus & Co analyst Annabel Samimy 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 traded higher by 16.13% or $3.18/share to $22.89. 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 1227170.
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 fell by 0.21% or $-0.16/share to $75.89. 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 1225864.
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 fell by 0.44% or $-0.34/share to $76.98. 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 116409.
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