Valeant Receives Extension of Expiration Date for Tender Offer of Obagi

Valeant Pharmaceuticals International, Inc. VRX announced it has extended the expiration date of the tender offer by its indirect wholly-owned subsidiary, Odysseus Acquisition Corp., for all of the outstanding shares of common stock of Obagi Medical Products, Inc. OMPI ("Obagi") at a price of $24.00 per share, net to the seller in cash, without interest (less any required withholding taxes). The offer and withdrawal rights described in the offering documents have been extended and will now expire at 12:00 midnight, New York City time, on Thursday, April 25, 2013 (which is one minute after 11:59 p.m. New York City time, on Wednesday, April, 24, 2013), unless the offer is further extended. The offer had previously been scheduled to expire at 12:00 midnight, New York City time, on Tuesday, April 23, 2013.  American Stock Transfer & Trust Company, LLC, the depositary for the tender offer, has indicated that as of the previously scheduled expiration, a total of 14,889,011 Obagi shares had been tendered, representing approximately 85.08% of the outstanding shares of Obagi (which number includes 1,903,042 shares (approximately 10.87% of the outstanding shares) tendered by notice of guaranteed delivery). The offer was extended because the condition to receive approval of the transactions by the Antimonopoly Committee of Ukraine (the "AMC") had not been satisfied as of the previously scheduled expiration. Although there can be no guarantee or assurance, Valeant believes it is possible that the parties may receive approval from the AMC at a meeting of the AMC on Wednesday, April 24, 2013. Valeant expects to complete the tender offer and consummate the merger promptly after the AMC's approval of the acquisition is received.  Except for the extension of the offer expiration date, all other terms and conditions of the offer remain unchanged. Stockholders who have already tendered their shares of common stock of Obagi do not have to re-tender their shares or take any other action as a result of the extension of the expiration date of the offer.