Valeant Pharmaceuticals Intl Inc VRX 2.43% shares were seen soaring 9.3 percent on Tuesday after the company announced the sale of $2.1 billion in assets to raise money to pay down the company’s staggering $30 billion debt load.
Divestitures
Valeant sold skincare brands CeraVe, AcneFree and Ambi to L’Oreal SA (ADR) LRLCY 0.08% for $1.3 billion in cash. In addition, Valeant sold its Dendreon cancer subsidiary to China’s Sanpower Group for $819.9 million. The price represents a solid profit from the $300 million price Valeant paid for Dendreon in 2015.
Analysts expect Valeant to continue to shed assets in an attempt to manage its debt load and stay solvent. At the very least, Mizuho Securities analyst Irina Koffler expects Valeant to divest its dental business, OraPharma.
Assets Remain
Despite Tuesday’s sales, Valeant still has plenty of assets that might interest potential buyers. Here’s a rundown of what’s left for Valeant.
Subsidiaries
- Bausch & Lomb.
- Salix Pharmaceuticals.
- Medicis Pharmaceutical.
- Solta Medical.
- OraPharma.
- Obagi.
Prescription…
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