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Valeant sweetens bid for Obagi Medical

File photo of Valeant Pharmaceuticals International Inc. CEO Michael Pearson.

Ryan Remiorz/THE CANADIAN PRESS

Valeant Pharmaceuticals International Inc. has sharply increased its all-cash takeover bid for Obagi Medical Products Inc. in a move that now values the equity of the U.S. maker of skin care products at about $418-million (U.S.).

Montreal-based Valeant gave no reason for the increase in the all-cash bid to $24 per share from $19.75.

When the original offer was announced March 20, the two companies said the $19.75 offer was a 28 per cent premium to Obagi's closing price on March 19.

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Meanwhile, Valeant says the expiration date for the new, higher offer remains unchanged at midnight eastern time April 23 and conditional on a majority of Obagi shares being tendered.

Valeant, formerly Biovail Corp., develops, manufactures and sells a broad range of pharmaceutical products primarily in the areas of dermatology, neurology and branded generic drugs.

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