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Valeant Pharmaceuticals Completes Sale of CeraVe, AcneFree and AMBI Skincare Brands to L'Oréal

americanpharmaceuticalreviewMarch 07, 2017

Tag: Valeant Pharmaceuticals , L'Oreal

Valeant Pharmaceuticals has completed the previously announced sale of its CeraVe, AcneFree and AMBI skincare brands to L'Oréal for $1.3 billion in cash. Valeant will use net proceeds from the sale to permanently repay term loan debt under its Senior Credit Facility.

"We are pleased to close this transaction with L'Oréal, and further our progress to pay down debt," said Valeant CEO Joseph C. Papa. "Today's announcement is the first of significant steps within our divestiture program which will help us focus our business, meet our financial goals and create value for our shareholders."

Previous:Otsuka to acquire Neurovance in potential $250 million deal

Next:FDA Accepts New Drug Application and Grants Priority Review for Enasidenib in Relapsed or Refractory

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