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