LAVAL, Quebec, Jan. 10, 2017 /PRNewswire/ -- Valeant
Pharmaceuticals International, Inc. (NYSE/VRXTSX: VRX) ("Valeant" or the "Company") today announced that it has entered into an
agreement to sell its CeraVe, AcneFree and AMBI skincare brands to L'Oréal for $1.3 billion in
cash. The CeraVe, AcneFree, and AMBI product lines have annualized revenue of approximately of $168
million.
"We are pleased to announce the progress we are making in reshaping our product portfolio and driving value for our
shareholders," said Valeant CEO Joseph C. Papa. "The success of these products, and today's
transaction, is a testament to the Valeant teams who have impressively grown these brands over the past several years. We believe
these products will benefit even further from the resources and capabilities of a global beauty company like L'Oréal, which is
well equipped to build on the success of these brands and expand into new global markets. Our remaining consumer products
business is well positioned for continued advancement within Valeant's portfolio."
- The CeraVe brand portfolio offers a range of advanced skincare products, including cleansers, moisturizers, sunscreens,
healing ointments and a dedicated baby line. Developed with dermatologists, CeraVe is one of the fastest growing skincare
brands in the U.S. with average growth over the past two years exceeding 20%.
- The AcneFree brand portfolio offers a full range OTC cleansers and acne treatments in the U.S. introduced to the market in
1966.
- The AMBI brand portfolio offers a range of skincare products formulated for the needs of multicultural consumers that
includes creams, cleansers and moisturizers in the face and body category.
Valeant will use the proceeds from the sale to permanently repay term loan debt under its Senior Credit Facility. The
transaction is expected to close in the first quarter of 2017, subject to customary closing conditions, including receipt of
applicable regulatory approvals. Wachtell, Lipton, Rosen & Katz acted as advisor to Valeant
on the transaction.
About Valeant
Valeant Pharmaceuticals International, Inc. (NYSE/TSX:VRX) is a multinational specialty pharmaceutical company that
develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of dermatology,
gastrointestinal disorders, eye health, neurology and branded generics. More information about Valeant can be found at www.valeant.com.
Forward Looking Statements
This press release may contain forward-looking statements which may generally be identified by the use of the words
"anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential,"
"target," or "continue" and variations or similar expressions. These statements are based upon the current expectations and
beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and
uncertainties discussed in the Company's most recent annual or quarterly report and detailed from time to time in Valeant's other
filings with the Securities and Exchange Commission and the Canadian Securities Administrators, which factors are incorporated
herein by reference. Some of these risks and uncertainties include factors relating to Valeant's ability to consummate the
transaction and realize expected gains. There can be no assurance that any transaction between Valeant and L'Oréal will
occur, or will occur on the timetable contemplated hereby. Readers are cautioned not to place undue reliance on any of
these forward-looking statements. These forward-looking statements speak only as of the date hereof. Valeant undertakes no
obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this press
release or to reflect actual outcomes, unless required by law.
Contact Information:
Elif McDonald
elif.mcdonald@valeant.com
514-856-3855
877-281-6642 (toll free)
Media:
Renée Soto
or
Chris Kittredge/Jared Levy
Sard Verbinnen & Co.
212-687-8080
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SOURCE Valeant Pharmaceuticals International, Inc.