LAVAL, Que. — Valeant Pharmaceuticals (TSX:VRX) said early Tuesday that it has sold off chunks of the company to foreign companies in two transactions.
The Laval-Que.-based pharmaceutical company said it has agreed to sell three skincare brands to Paris-based L'Oreal for $1.3 billion in cash.
Word of this sale came just hours after Valeant said it had sold its interest in Dendreon Pharmaceuticals to a privately-owned Chinese conglomerate, Sanpower Group, for $819.9 million.
Valeant said the CeraVe, AcneFree and AMBI product lines have annualized revenue of about $168 million while Dendreon's only commercialized product is called Provenge, a vaccine for prostate cancer treatment.
Both sales, which are expected to close in the first half of 2017 and are subject to customary closing conditions, are part of Valeant's effort to streamline its businesses and pay down its debts.
"We are pleased to announce the progress we are making in reshaping our product portfolio and driving value for our shareholders," said Valeant CEO Joseph C. Papa.
"Our remaining consumer products business is well positioned for continued advancement within Valeant's portfolio."
The Canadian Press