FRANKFURT, Germany,
April 8, 2013 /PRNewswire/
-- Merz Pharma Group ("Merz" or "the Company") today announced
that it has withdrawn its non-binding proposal to acquire all of
the outstanding common stock of Obagi Medical Products, Inc.
(NASDAQ-GS: OMPI) ("Obagi") for $22
per share in cash. The decision to withdraw the proposal follows
the recent announcement that Valeant Pharmaceuticals International,
Inc. (NYSE: VRX and TSX: VRX) ("Valeant") increased its offer to
acquire Obagi from $19.75 to
$24.00 per share in cash, pursuant to
an amendment to the Valeant and Obagi Agreement and Plan of Merger,
dated March 19, 2013.
"Obagi was an opportunity worth pursuing given its complementary
fit with Merz's portfolio of injectables," said Merz CEO
Philip Burchard. "However,
Merz is a disciplined buyer and at this level the economics of such
a transaction do not meet our requirements. We look forward
to exploring other acquisition opportunities that fit our strategy.
In addition, we will build on Merz's strong position in the markets
we serve and continue to invest in our own R&D."
About Merz Pharma Group
Merz is involved in the research, development and sale of
innovative drugs and medical products for neurological and clinical
dermatology indications as well as for aesthetics medicine and
metabolic disorders. Memantine, the world's first glutamatergic
drug for the treatment of moderate to acute Alzheimer's-induced
dementia, is the second most prescribed medication for dementia.
Merz offers the first botulinum toxin that is free of complex
proteins for treating neurological movement disorders. Another core
competency of Merz lies in clinical and aesthetic dermatology. Merz
Aesthetics offers a tailored and harmonized portfolio of products
for minimally invasive treatments and Merz is an important player
in the US aesthetics market with products Radiesse, the neurotoxin
Xeomin and the filler Belotero. In the Consumer Products segment,
Merz Consumer Care is the leading provider of OTC medication,
dietary supplements and skincare products in the German-speaking
countries with its well-known tetesept® and Merz Spezial® brands.
The Merz Pharma Group employs 2,391 people worldwide (prior year:
2,131). The Company generated revenue of EUR
913 million in fiscal year 2011/12 (prior year: EUR 649.6 million).
Media Contacts:
Ute Weinhold
Corporate Communications
+ 49-69-15 03-889
Rachel Chase
Merz North America – Corporate
Communications
336-217-2423
Steve Frankel / Averell Withers
Joele Frank, Wilkinson Brimmer
Katcher
212 355 4449
SOURCE Merz Pharma Group