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Merz Pharma withdraws proposal to acquire Obagi Medical

Merz Pharma Group announced that it has withdrawn its non-binding proposal to acquire all of the outstanding common stock of Obagi Medical (OMPI) for $22 per share in cash. The decision to withdraw the proposal follows the recent announcement that Valeant (VRX) increased its offer to acquire Obagi from $19.75 to $24.00 per share in cash, pursuant to an amendment to the Valeant and Obagi Agreement and Plan of Merger, dated March 19.