Obagi Medical gets higher offer from Merz Pharma

(Reuters) – Neurological and dermatology drugs maker Merz Pharma Group offered to buy cosmetic products maker Obagi Medical Products Inc for $383.5 million, topping a bid by Canada’s Valeant Pharmaceuticals International Inc . Merz’s $22 per share bid represents a premium of 11 percent to Valeant’s offer of $19.75. Obagi shares were trading above Merz’s offer price at $22.90 in premarket trade, suggesting that some investors expect a bidding war. …