Valeant to Sell iNova Pharmaceuticals for $930 Million
Proceeds from the sale will be used to repay the company’s term loan debt under its Senior Secured Credit Facility.
Valeant Pharmaceuticals International Inc. announced on June 8, 2017 that it will sell its iNova Pharmaceuticals (iNova) business for $930 million in cash. Proceeds from the sale will be used to repay the company’s term loan debt under its Senior Secured Credit Facility. The sale is part of the Valeant’s effort to strengthen its balance sheet and simplify its operating model, according to its chairman and CEO, Joseph C. Papa.
iNova, which markets prescription and over-the-counter products in areas such as weight management, pain management, cardiology, and cough and cold, will be sold to a company jointly owned by funds advised and managed by Pacific Equity Partners and The Carlyle Group. Operating in more than 15 countries worldwide, iNova has established market positions in Australia, South Africa, and Asia. Valeant will maintain its footprint in these regions primarily through its Bausch + Lomb franchise.
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.
Source: Valeant
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