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Valeant Announces Sale of iNova Pharmaceuticals for $930 Million
Valeant Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX) (“Valeant”) has announced it has entered into an agreement to sell its iNova Pharmaceuticals (“iNova”) business to a company jointly owned by funds advised and managed by Pacific Equity Partners and The Carlyle Group for $930 million in cash.
“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.”
iNova, which markets a diversified portfolio of prescription and over-the-counter products in several areas, such as weight management, pain management, cardiology and cough and cold, operates in more than 15 countries around the world. iNova holds leading market positions in Australia and South Africa and also has an established platform in Asia.
Valeant will maintain a strong footprint in these countries primarily through its Bausch + Lomb franchise.
Valeant will use proceeds from the sale to permanently repay term loan debt under its Senior Secured Credit Facility. The transaction is expected to close in the second half of 2017, subject to customary closing conditions, including receipt of applicable regulatory approvals.
In this transaction, Goldman, Sachs & Co. served as financial advisor to Valeant, and Baker McKenzie acted as legal advisor to Valeant.
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