Obagi Medical Products files for $86.25 million IPO

By Jennifer Chiou

New York, Sept. 13 - Obagi Medical Products, Inc. filed for an estimated $86.25 million initial public offering of stock in an S-1 registration with the Securities and Exchange Commission.

JPMorgan is bookrunner, CIBC World Markets is joint lead and Thomas Weisel Partners LLC and Robert W. Baird & co. are co-managers.

The Long Beach, Calif.-based special pharmaceutical company is focused on the aesthetic and therapeutic skin health markets, developing prescription-based, topical skin products to treat conditions that include premature aging, photo-damage, hyperpigmentation, acne and soft tissue deficits.

Obagi's leading product line is the Obagi Nu-Derm System, a prescription-based, topical skin health system to enhance the skin's overall health by correcting photo-damage at the cellular level.

IPO proceeds will be used to increase the scope of the company's research and development programs and for general corporate purposes.

Obagi Medical Products said it had a $21.084 million operating income on revenues of $64.941 million for 2005, compared with an operating income of $21.395 million on revenues of $56.256 million for the same period in 2004.

Currently Stonington Capital Appreciation 1994 Fund, LP is the largest shareholder with 60.7% of the equity followed by the Zein and Samar Obagi Family Trust at 25.1% and the McNamara Family Trust at 8.2%.

The company has applied to list its stock on the Nasdaq National Market under the symbol "OMPI."

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