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.
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