Valeant Pharmaceuticals International has agreed to sell $1.3 Billion of assets in three skin-care brands to L’Oreal SA in an effort to start pay-down of $30 Billion in debt, according to several reports in the financial press.
Other recent transactions announced the total sell-off at $2.1Billion, but does not include the eye care unit of Bausch + Lomb.
Earlier this year in a CNBC interview, Valeant CEO Joseph Papa indicated that both dermatology and eye care were core assets that were critically important while saying he is “never going to say never” to selling a core asset like B + L.
Shares jumped 13% in response to the news.
Source Financial Post: http://business.financialpost.com/investing/market-moves/valeant-pharmaceuticals-international-inc-to-sell-us2-1-billion-in-assets-to-start-paying-down-us30-billion-debt
