GLOBAL: Valeant Completes Sale Of Skincare Brands To L’Oréal

Valeant Pharmaceuticals has completed the previously-announced sale of several skincare brands to L’Oréal.

The deal for the CeraVe, AcneFree and AMBI brands amounted to $1.3bn in cash, money that Valeant said it would use to permanently repay term loan debt under its Senior Credit Facility.

Valeant added: “Today’s announcement is the first of significant steps within our divestiture program which will help us focus our business, meet our financial goals and create value for our shareholders.”