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Valeant to sell iNova Pharmaceuticals

Valeant Pharmaceuticals International announced it has agreed to sell iNova Pharmaceuticals for $930 million in cash to a company jointly owned by funds advised and managed by Pacific Equity Partners and The Carlyle Group.

INova markets prescription and over-the-counter products in areas including weight management, pain management, cardiology and cough and cold, and holds leading market positions in more than 15 countries, including Australia and South Africa with an established platform in Asia, according to a news release.

Valeant announced it expects to maintain a strong footprint in these countries through its Bausch + Lomb franchise.

Proceeds from the sale will be used by Valeant to repay term loan debt under its Senior Secured Credit Facility, according to the release. The sale is expected to close in the second half of 2017, with customary closing conditions.

Valeant markets, develops and manufactures pharmaceutical products primarily in the areas of dermatology, gastrointestinal disorders, eye health, neurology and branded generics.

Reference: www.valeant.com