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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Far East Orchard acquires 49% stake in UK-based purpose-built student accommodation operator for £17.6 million
Nestle sales growth sputters on US slump, vitamin snags
BNP Paribas beats estimates as lower costs offset trading slump
TikTok ultimatum puts US firms in firing line for China response
Toyota and Nissan pair up with Tencent and Baidu for China AI arms race
BHP targets Anglo American in bid valuing miner at US$39 billion