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Valeant To Sell INova Pharma For $930 Mln In Cash

Valeant Pharmaceuticals International Inc. (VRX,VRX.TO) said that it has entered into an agreement to sell its iNova Pharmaceuticals business to a company jointly owned by funds advised and managed by Pacific Equity Partners and The Carlyle Group for $930 million in cash.

The transaction is expected to close in the second half of 2017, subject to customary closing conditions, including receipt of applicable regulatory approvals.

iNova, which markets a diversified portfolio of prescription and over-the-counter products in several areas, such as weight management, pain management, cardiology and cough and cold, operates in more than 15 countries around the world. iNova holds leading market positions in Australia and South Africa and also has an established platform in Asia.

Valeant noted that it will use proceeds from the sale to permanently repay term loan debt under its Senior Secured Credit Facility.

by RTTNews Staff Writer

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