Valeant Pharmaceuticals has entered into an agreement to acquire Obagi Medical Products. The transaction values Obagi common stock at approximately $344 million and was unanimously approved by the Obagi Board of Directors. Under terms of the merger agreement, Valeant will commence a tender offer for all of the outstanding shares of common stock of Obagi, valued at $19.75 per share. Both parties expect the transaction to be completed in the second quarter 2013, subject to customary terms and conditions, including the tender of a majority of Obagi's outstanding shares of common stock and the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.