CORRECTED-Obagi Medical gets higher offer from Merz Pharma

Tue Apr 2, 2013 8:30am EDT
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(Corrects paragraph 1 to say Obagi is a cosmetic products maker, not a laser device maker)

April 2 (Reuters) - Neurological and dermatology drugs maker Merz Pharma Group offered to buy cosmetic products maker Obagi Medical Products Inc for $383.5 million, topping a bid by Canada's Valeant Pharmaceuticals International Inc last month.

Merz's offer of $22 per share represents a premium of 11 percent to Valeant's offer of $19.75. (Reporting by Esha Dey in Bangalore; Editing by Saumyadeb Chakrabarty)