Valeant wins Obagi bidding war

Investor's Business Daily

The branded drugmaker's $24 a share beat a $22 offer for Obagi Medical Products (OMPI) by Merz Phama, which declined to top Valeant Pharmaceuticals' (VRX) bid. Obagi's stock vaulted 65% while the pair was vying for it, but it slid nearly 6% Monday after Valeant's offer won. Valeant's shares got whacked last week when Mylan (MLY) gained an unexpected approval for a generic version of Valeant's herpes cream Zovirax. Valeant shares rose 0.5% to72.12.

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