LAVAL, Canada — Valeant Pharmaceuticals International Inc. agreed to sell three skincare brands to L’Oréal SA for $1.3 billion in the second asset sale announced Tuesday by the struggling Canadian drugmaker as it seeks to cut its debt load.
The three brands — CeraVe, AcneFree and Ambi — have combined annual sales of about $168 million, Paris-based L’Oréal said in a statement. The company said the products will become part of its Active Cosmetics Division, which includes brands such as La Roche-Posay, Vichy and SkinCeuticals.
Earlier Tuesday, Valeant agreed to sell its Dendreon Pharmaceuticals unit to China’s Sanpower Group Co. for about $820 million. The Laval, Quebec-based company has been embroiled in scandals about its high prices and accounting that led to legal and regulatory investigations along with declines in its share price.
By Phil Serafino; editors: Benedikt Kammel and David Whitehouse.