Valeant selling US$2.1b in assets to pay down debt

Paris

VALEANT Pharmaceuticals International Inc, the embattled Canadian drugmaker, has agreed to sell about US$2.1 billion in assets to get cash to streamline its businesses and begin easing its debt burden.

L'Oreal SA will pay Valeant US$1.3 billion for three skincare brands, the Paris-based company said in a statement on Tuesday. Earlier in the day, Valeant said that it would sell its Dendreon Pharmaceuticals unit to closely held Chinese conglomerate Sanpower Group Co for about US$820 million.

The agreements mark the start of Valeant's efforts to pay down about US$30 billion in debt. The Laval, Quebec-based company has been embroiled in scandals about its drugs' high prices and accounting that led to legal and regulatory investigations along with declines in its share pric…