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Valeant Pharmaceuticals International Inc. CEO Michael Pearson is seen in one of the company’s laboratories in Laval. (Ryan Remiorz/THE CANADIAN PRESS)
Valeant Pharmaceuticals International Inc. CEO Michael Pearson is seen in one of the company’s laboratories in Laval. (Ryan Remiorz/THE CANADIAN PRESS)

Ukraine approves Valeant’s purchase of Obagi Add to ...

Valeant Pharmaceuticals International Inc. says Ukraine’s anti-monopoly committee has given its approval for the Montreal-based company to buy Obagi Medical Products Inc.

Valeant has offered $24 (U.S.) per share for Obagi or about $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 $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.

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