Obagi Medical Products Inc. (Nasdaq: OMPI) has gotten another offer – this time from Merz Pharma Group for about $383.5 million.

The purchase price works out to $22 per share in cash.

Valeant Pharmaceuticals International Inc. (NYSE: VRS, TSX: VRX)) made a $360 million offer on March 20 to buy the skin product company. That price works out to $19.75 per share.

Obagi's shares closed at $15.39 on March 19, before Valeant's proposal was announced.

When that deal was announced, Merz was in discussions with Obagi regarding a potential merger, but was not aware that the company was considering a deal with Valeant.

Obagi develops aesthetic and therapeutic skin-health products, which include Obagi Nu-Derm, Condition & Enhance, Obagi-C Rx, Elastiderm and Clenziderm. The company produced $120 million in revenue for 2012.

Merz researches and develops drugs and medical products for neurological and clinical dermatology, as well as aesthetics medicine and metabolic disorders. The company offers products for minimally invasive aesthetics treatments, including Radiesse, Xeomin and Belotero. Buying Obagi would strengthen the company’s dermatology portfolio.

Valeant has been picking up skincare products in the recent past, including the rights to Targretin, a medication used to treat skin problems, and Medicis Pharmaceutical, which makes Restylane. 

Morgan Stanley is Obagi’s financial adviser, while Jenner & Block LLP is providing the company with legal advice. Deutsche Bank is Merz’s financial adviser and Weil Gotshal & Manges LLP is the company’s legal counsel. Skadden Arps Slate Meagher & Flom LLP is Valeant’s legal counsel for the deal. 

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