LAVAL, Quebec, June 8, 2017 /PRNewswire/ -- Valeant
Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX)
("Valeant") today 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.
About Valeant
Valeant Pharmaceuticals International,
Inc. (NYSE/TSX:VRX) is a multinational specialty pharmaceutical
company that develops, manufactures and markets a broad range of
pharmaceutical products primarily in the areas of dermatology,
gastrointestinal disorders, eye health, neurology and branded
generics. More information about Valeant can be found at
www.valeant.com.
Forward-looking Statements
This press release may
contain forward-looking statements which may generally be
identified by the use of the words "anticipates," "expects,"
"intends," "plans," "should," "could," "would," "may," "will,"
"believes," "estimates," "potential," "target," or "continue" and
variations or similar expressions. These statements are based upon
the current expectations and beliefs of management and are subject
to certain risks and uncertainties that could cause actual results
to differ materially from those described in the forward-looking
statements. These risks and uncertainties include, but are not
limited to, risks and uncertainties discussed in the Company's most
recent annual or quarterly report and detailed from time to time in
Valeant's other filings with the Securities and Exchange Commission
and the Canadian Securities Administrators, which factors are
incorporated herein by reference. Readers are cautioned not to
place undue reliance on any of these forward-looking
statements. These forward-looking statements speak only as of
the date hereof. Valeant undertakes no obligation to update any of
these forward-looking statements to reflect events or circumstances
after the date of this press release or to reflect actual outcomes,
unless required by law.
Investor Contact:
Elif
McDonald
elif.mcdonald@valeant.com
514-856-3855
877-281-6642 (toll free)
Media Contact:
Lainie
Keller
lainie.keller@valeant.com
908-627-0917
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SOURCE Valeant Pharmaceuticals International, Inc.