Valeant Pharmaceuticals has entered into an agreement to sell its Obagi Medical Products business for $190 million in cash to Haitong International Zhonghua Finance Acquisition Fund I. Valeant will use proceeds from the sale to permanently repay term loan debt under its Senior Secured Credit Facility. The transaction is expected to close in the second half of 2017, subject to customary closing conditions, including receipt of applicable regulatory approvals.
“The sale of Obagi marks additional progress in our efforts to streamline our operations and reduce debt,” said Joseph C. Papa, chairman and CEO of Valeant. “As we continue to transform Valeant, we will remain focused on the core businesses that will drive high value for our shareholders.”
