Valeant to Sell Skincare Brands to L’Oreal for $1.3 Billion Valeant to Sell Skincare Brands to L’Oreal for $1.3 Billion
January 9, 2017, 11:46 PM PST
Valeant Pharmaceuticals International Inc. agreed to sell three skincare brands to L’Oreal 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’Oreal 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.