Valeant Pharmaceuticals International Inc. (NYSE: VRS, TSX: VRX) is buying Obagi Medical Products Inc. (Nasdaq: OMPI) for about $360 million.

Obagi develops aesthetic and therapeutic skin-health products, including Obagi Nu-Derm, Condition & Enhance, Obagi-C Rx, Elastiderm and Clenziderm. The company had $120 million in revenue for 2102.

Valeant expects the deal to add to its current dermatology portfolio and expand its market prescence with dermatologists and plastic surgeons.

The purchase price works out to $19.75 per share.

The deal is expected to close by the second quarter.

Morgan Stanley is Obagi’s financial adviser, while Jenner & Block LLP is providing legal advice. Skadden Arps Slate Meagher & Flom LLP was Valeant’s legal counsel on the deal.

Valeant has picked up several skincare products recently. In February Valeant acquired to the rights to Targretin, a medication used to treat skin problems for $65 million and in September it bought Medicis Pharmaceutical, the maker of Restylane, for $2.6 billion.

For more on the skincare industry, see “Skin Deep: Cosmetics Go Medical.” 

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