LAVAL, Quebec, April 24, 2013 /PRNewswire/ -- Valeant
Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX)
announced that it has received approval by the Antimonopoly
Committee of Ukraine (the "AMC")
of its proposed acquisition of Obagi Medical Products, Inc.
(NASDAQ: OMPI) ("Obagi") pursuant to a tender offer and subsequent
merger. The receipt of the AMC's approval of the acquisition
satisfies one of the conditions to consummate the tender
offer. As previously announced, the applicable waiting period
under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has
expired. The consummation of the tender offer remains subject
to other customary conditions, all of which the parties expect to
be satisfied.
The tender offer for all of the outstanding shares of common
stock of Obagi at a price of $24.00
per share, net to the seller in cash, without interest (less any
required withholding taxes) expires at 12:00 midnight, New York City time, on Thursday, April 25, 2013 (which is one minute
after 11:59 p.m. New York City time on Wednesday, April 24, 2013). Valeant does
not expect to further extend the offer and expects to complete the
acquisition of Obagi on April 25,
2013 or shortly thereafter.
About Valeant Pharmaceuticals International, Inc.
Valeant Pharmaceuticals International, Inc. (NYSE/TSX: VRX) is a
multinational specialty pharmaceutical company that develops,
manufactures and markets a broad range of pharmaceutical products
primarily in the areas of dermatology, neurology and branded
generics. More information about Valeant Pharmaceuticals
International, Inc. can be found at www.valeant.com.
Forward Looking Statements
This press release
contains forward-looking statements regarding, among other things,
the proposed acquisition by Valeant of Obagi, satisfaction of
closing conditions and the timing of closing. Statements including
words such as "believes," "expects," "anticipates," "intends,"
"estimates," "plan," "will," "may," "intend," "guidance" or similar
expressions are forward-looking statements. Because these
statements reflect Valeant's current views, expectations and
beliefs concerning future events, these forward-looking statements
involve risks and uncertainties. Investors should note that many
factors could affect the proposed business combination of the
companies, future financial results and could cause actual results
to differ materially from those expressed in forward-looking
statements contained in this press release. These factors include,
but are not limited to: the risk that the acquisition will not
close when expected or at all; the risk that Valeant's business
and/or Obagi's business will be adversely impacted during the
pendency of the acquisition; the risk that the operations of the
two companies will not be integrated successfully; and other risks
and uncertainties, including those detailed from time to time in
the companies' periodic reports filed with the Securities and
Exchange Commission ("SEC") and in the case of Valeant, the
Canadian Securities Administrators ("CSA"), including current
reports on Form 8-K, quarterly reports on Form 10-Q and annual
reports on Form 10-K, particularly the discussion under the caption
"RISK FACTORS" in their annual reports on Form 10-K for the year
ended December 31, 2012, which have
been filed with the SEC and in the case of Valeant, the CSA. The
forward-looking statements in this press release are qualified by
these risk factors. These are factors that, individually or in the
aggregate, could cause the companies' actual results to differ
materially from expected and historical results. The companies
assume no obligation to publicly update any forward-looking
statements, whether as a result of new information, future
developments or otherwise.
Additional Information and Where to Find It
This
press release is neither an offer to purchase nor a solicitation of
an offer to sell shares of Obagi. Valeant filed a Tender Offer
Statement on Schedule TO with the U.S. Securities and Exchange
Commission on March 26, 2013, as
amended on April 4, 2013,
April 5, 2013, April 12, 2013, April 22,
2013 and April 23, 2013. Obagi
filed a Solicitation/Recommendation Statement on Schedule 14D-9
with respect to the offer on March 26,
2013, as amended on April 2,
2013, April 3, 2013,
April 4, 2013, April 5, 2013, April 12,
2013, April 22, 2013 and
April 23, 2013.
Stockholders and other investors are urged to read the tender offer
materials (including the Offer to Purchase, a related Letter of
Transmittal and certain other offer documents) and the
Solicitation/Recommendation Statement, in each case as amended (to
the extent applicable), because they contain important information
which should be read carefully before any decision is made with
respect to the tender offer. The Offer to Purchase, the related
Letter of Transmittal and certain other offer documents, as well as
the Solicitation/Recommendation Statement, have been made available
to all stockholders of Obagi at no expense to them. The Tender
Offer Statement and the Solicitation/Recommendation Statement are
available for free at the Commission's web site at www.sec.gov. In
addition, the tender offer statement and other documents that
Valeant files with the SEC are and will be made available to all
stockholders of Obagi free of charge at www.valeant.com. The
Solicitation/Recommendation Statement and the other documents filed
by Obagi with the SEC are, and will be, made available to all
stockholders of Obagi free of charge at www.obagi.com.
(Logo:
http://photos.prnewswire.com/prnh/20101025/LA87217LOGO)
Contact Information:
Laurie
W. Little
949-461-6002
laurie.little@valeant.com
SOURCE Valeant Pharmaceuticals International, Inc.