Valeant Pharmaceuticals International is selling its Dendreon cancer treatment business to Sanpower as well as three skin-care brands to L'Oréal for $2.1 billion in a move to reduce its $30 billion debt. This comes after the increased pressure of its failed Salix deal with Takeda.
L'Oréal will gain the three skin-care brands, CeraVe, AcneFree and AMBI for $1.3 billion. According to a Valeant release, the three brands see an annual combined revenue of $168 million.
Dendreon is reportedly switching hands to China’s Sanpower Group for $819.9 million in cash. Dendreon makes prostate cancer treatment Provenge.
Valent is attempting to regain investor confidence after 2016 saw its stock plummet after disclosuring that it worked secretly with a specialty pharmacy to boost medicine sales.
Read the Wall Street Journal report