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Valeant to sell unit for $930M

Valeant Pharmaceuticals International Inc. agreed to sell its iNova Pharmaceuticals business for $930 million in cash to private equity firms Pacific Equity Partners and The Carlyle Group.

Valeant bought iNova in 2011; the business sells prescription and over-the-counter drugs for conditions including pain management, cardiology, cough and cold, with a strong presence in Australia and South Africa.

Valeant said it will maintain its presence in markets severed by iNova through its Bausch & Lomb franchise.

The company said it will use proceeds from the sale, expected to close in the second half of 2017, to permanently repay term loan debt under its senior secured credit facility.

The company, with a total long-term debt of $28.54 billion as of March 31, has been selling assets to raise cash through deals such as the $1.3 billion sale of its skincare brands and an agreement to sell Dendreon Pharmaceuticals for $819.9 million.

Goldman Sachs & Co. served as financial adviser, and Baker McKenzie acted as legal adviser to Valeant.