Valeant Pharmaceuticals announced it will sell its iNova Pharmaceuticals business, which makes prescription and OTC products for weight management, pain management, cardiology and cough and cold, for $930 million in cash to pay down mounting debt.
The business unit will be purchased by a company jointly owned by funds managed by Pacific Equity Partners and The Carlyle Group.
Yesterday, Bloomberg sources reported that Valeant was in talks to sell its Bausch & Lomb unit’s surgical products business to German medical technology maker Carl Zeiss Meditec — a deal that could be worth up to $2 billion.
Read the Reuters coverage