Valeant Pharma Announces Receipt of Antitrust Clearance in US for Previously-Announced Acquisition of Obagi

Valeant Pharmaceuticals International, Inc.

announced that the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 ("HSR") with respect to the previously announced tender offer by its indirect wholly-owned subsidiary, Odysseus Acquisition Corp. ("Purchaser"), for all of the outstanding shares of common stock of Obagi Medical Products, Inc.

("Obagi") at a price of $24.00 per share, net to the seller in cash, without interest (less any required withholding taxes) and subsequent merger of Purchaser with Obagi expired at 11:59 p.m., New York City time April 19, 2013.  The expiration of the HSR waiting period satisfies one of the conditions to consummate the tender offer. The completion of the tender offer is also conditioned on approval of the transactions by the Antimonopoly Committee of Ukraine (the "AMC") for purposes of compliance with applicable Ukrainian antimonopoly law and the tender of a majority of the outstanding shares of common stock of Obagi (on a fully diluted basis).  A joint application seeking approval of the tender offer and subsequent merger was submitted by Valeant and Obagi to the AMC on March 26, 2013. Although there can be no guarantee or assurance, Valeant believes it is possible that the parties may receive approval from the AMC in the near future. Valeant expects to complete the tender offer and consummate the merger promptly after the AMC's approval of the acquisition is received.