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Valeant gets regulatory approval in Ukraine to buy Obagi Medical Products

LAVAL, Que. – Valeant Pharmaceuticals International Inc. (TSX:VR) says Ukraine’s antimonopoly committee has given its approval for the Montreal-based company to buy Obagi Medical Products Inc.

Valeant has offered US$24 per share for Obagi or about US$418 million.

The drug company said Wednesday it does not expect to further extend its offer beyond the current deadline of midnight Thursday night.

Valeant said earlier this week that it had cleared a U.S. regulatory hurdle, with the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.

The company beat out German company Merz Pharma Group which had offered US$22 per share, but dropped out of the bidding earlier this month.

Valeant, formerly Biovail Corp., develops, manufactures and sells a range of neurology, dermatology and branded generic drugs.