Valeant to buy Obagi Medical for about $344 mln

March 20 Wed Mar 20, 2013 8:12am EDT

March 20 (Reuters) - Canadian drugmaker Valeant Pharmaceuticals International Inc said it would buy Obagi Medical Products Inc for about $344 million to boost its dermatology and aesthetics portfolio.

The deal, at $19.75 per share in cash, is at a 28 percent premium to Obagi's Tuesday closing price.

Obagi's board has unanimously approved the deal, Valeant said in a statement.