Obagi Gets Competing Buyout Offer

Long Beach-based aesthetic medicine firm Obagi Medical Products--which just agreed to a $360M buyout offer from Valeant Pharmaceuticals, said it has just received a competing, unsolicited buyout offer from Merz Pharma. Obagi Medical said that Merz Pharma is offering $22 per share in cash to acquire the company. Valeant's earlier offer is worth $19.75 per share in cash. Obagi said it would be evaluating the offer from Merz Pharma.