Valeant sweetens bid for Obagi Medical

Wed Apr 3, 2013 8:21am EDT
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April 3 (Reuters) - Valeant Pharmaceuticals International Inc raised its offer for cosmetics products maker Obagi Medical Products Inc to $24 per share, a day after its initial bid was topped by German drugmaker Merz Pharma Group.

Obagi and Valeant agreed to a deal last month in which Valeant offered $19.75 per share. However, Merz Pharma topped that with an offer of $22 per share.

Canada's Valeant said its latest offer, which values Obagi at about $418 million, has been approved by Obagi's board.