Valeant Pharmaceuticals International Inc. consented to offer about $2.1 billion in resources in two deals, an essential initial phase in the battling drugmaker’s attempt to get money and start easing its debt burden.
L’Oreal SA, the Paris-based cosmetic gaint, will pay Valeant $1.3 billion for three skin care brands CeraVe, AcneFree and Ambi. Valeant will likewise offer its Dendreon Pharmaceuticals unit to firmly held Chinese conglomerate Sanpower Group Co. for about $820 million. Dendreon’s only business item at this moment is the medication Provenge, an antibody for prostate cancer treatment.
L’Oreal said, CeraVe develops cleansers, moisturizers and baby products, and is one of the quickest growing active healthy skin brands in the United States which was established in 2005.
AcneFree provides acne treatments and skin cleansers, while Ambi makes products to treat dark spots and brighten skin.
“With this sale, we are better aligning our product portfolio with Valeant’s new operating strategy by exiting the urological oncology business, which is one of our non-core assets,” Valeant CEO Joe Papa said in a press release.
Valeant was for a short time Canada’s most profitable company. Be that as it may, the drug maker lost 90% of its cost after a bookkeeping outrage rose a year ago, when a short dealer blamed the company for exaggerating sales to make them have all the earmarks of being higher than they truly were.