Valeant Finds Buyer for Skin-Care Biz

Valeant Pharmaceuticals has entered into an agreement to sell its Obagi Medical Products business for $190 million in cash, as part of the Canadian drugmaker's efforts to cut down its debt.

Valeant, which acquired the California-based Obagi for about $344-million in 2013, will sell the business to Haitong International Zhonghua Finance Acquisition Fund I LP. Limited partners of the Haitong fund include industry veterans, China Regenerative Medicine International.

Obagi is a specialty pharmaceutical company that develops, markets, and sells topical aesthetic and therapeutic skin-care products.

Read the press release