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Ukraine approves Valeant’s purchase of Obagi

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. 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.

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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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