LAVAL, Quebec, Nov. 10, 2017 /PRNewswire/ -- Valeant
Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX)
("Valeant" or the "Company") today announced that it has completed
the sale of the Obagi Medical Products business for $190 million in cash to Haitong International
Zhonghua Finance Acquisition Fund I, L.P. (the "Fund") and its
affiliate Obagi Cosmeceuticals, LLC. Limited partners of the Fund
include industry veterans in other geographic markets, such as
China Regenerative Medicine International Limited (SEHK: 8158).
Valeant will use approximately $180
million of the net proceeds from the sale to repay term loan
debt under its Senior Credit Facility.
"With the closing of the Obagi deal, we have now reduced our
total debt by more than $6 billion
since the end of the first quarter of 2016. We will continue to
remain diligent in our efforts to focus on our core businesses and
create value for shareholders and customers, and ultimately, the
patients we serve," said Joseph C.
Papa, chairman and CEO, Valeant.
China Regenerative Medicine International Limited (SEHK: 8158)
is engaged in the research, development and commercialization of
innovative bio-medical, healthcare products and medical techniques.
CRMI operates seven production plants in mainland China and Hong
Kong, and the business is organized across four strategic
areas, encompassing tissue engineering, cell therapy, cosmetics and
hospital management. More information about China Regenerative
Medicine International can be found at www.crmi.hk.
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:
|
Media
Contact:
|
Arthur
Shannon
|
Lainie
Keller
|
arthur.shannon@valeant.com
|
lainie.keller@valeant.com
|
(514)
856-3855
|
(908)
927-0617
|
(877) 281-6642 (toll
free)
|
|
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SOURCE Valeant Pharmaceuticals International, Inc.