company announced the sale of one of its business units.
Valeant has agreed to sell its iNova Pharmaceuticals business for $930 million to a group advised and managed by major private equity players including Pacific Equity Partners and the Carlyle Group.
The iNova Sale
INova markets and sells a diversified portfolio of prescription and over-the-counter therapies to help people deal with weight management, pain management, cardiology issues, and common coughs and colds. The products are sold in more than 15 countries across the world, and the unit maintains a market leading position in various markets including Australia and South Africa.
Valeant will continue operating in these regions primarily through its Bausch + Lomb franchise — a business unit, which was reportedly also up for sale last year.
The debt-ridden company has been active in selling off various business units, including ts CeraVe, AcneFree and AMBI Skincare brands to L'Oreal SA (ADR) LRLCY in January 2017 for $1.3 billion.
Proceeds from the sale of iNova will be used to repay some of the debt under its Senior Secured Credit Facility.
Completing The Sale
The transaction is expected to close in the bottom half of 2017 and remains subject to regulatory approval.
"The sale of iNova is part of the company's ongoing efforts to both simplify our operating model and strengthen our balance sheet," said Joseph C. Papa, chairman and chief executive officer, Valeant. "We will continue to evaluate opportunities that will enable us to deliver on our commitments and unlock value for shareholders."
Following the announcement, shares were last seen in Thursday's pre-market session up 3.12 percent at $12.55.
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