Valeant Said to Weigh Sale of Skin, Cancer Drugs
Valeant Said to Weigh Sale of Skin, Cancer Drugs to Reduce Debt. Assets for sale could include drugs acquired from Marathon Blue Arrow Sale of all products could fetch about $1 billion in total fShare on Facebook tShare on Twitter h lShare on LinkedIn dShare on Reddit gShare on Google+ mE-mail Valeant Pharmaceuticals International Inc. is exploring the sale of some of its smaller cosmetic and pharmaceutical assets, according to people familiar with the matter, as the Canadian drugmaker scrambles to raise cash and reduce debt. The company is considering the disposal of Obagi Medical Products Inc., a dermatology company it acquired in 2013, as well as Provenge, a treatment for advanced prostate cancer that was purchased last year, said the people, who asked not to be identified because the matter is private. Valeant may also sell drugs acquired from Marathon Pharmaceuticals last year, one of the people said. Those treatments include Isuprel and Nitropress, which came under scrutiny after Valeant boosted their prices by 525 percent and 212 percent, respectively, shortly after buying them. The company said Monday it would expand the discounts to hospitals on both drugs. The divestitures could raise as much as $1 billion and attract other drugmakers with an interest in those areas, two of the people said. The process is at a preliminary stage, no decision is imminent, and the company may decide against selling some or all of the assets, they said. A spokeswoman for Valeant declined to comment. The drugmaker has previously said that it might dispose of certain non-core assets as it seeks to pay down some of its more than $30 billion in debt and return to stable footing after a disastrous eight-month run. Valeants new Chief Executive Officer Joe Papa is seeking to turn around the beleaguered company, whose shares have plunged almost 90 percent since their peak in August amid an accounting scandal and investigations by the U.S. federal government.