LAVAL, Quebec, Jan. 10, 2017 /PRNewswire/ -- Valeant
Pharmaceuticals International, Inc. (NYSE/VRXTSX: VRX) ("Valeant"
or the "Company") today announced that it has entered into an
agreement to sell its CeraVe, AcneFree and AMBI skincare brands to
L'Oréal for $1.3 billion in cash. The
CeraVe, AcneFree, and AMBI product lines have annualized revenue of
approximately of $168 million.
"We are pleased to announce the progress we are making in
reshaping our product portfolio and driving value for our
shareholders," said Valeant CEO Joseph C.
Papa. "The success of these products, and today's
transaction, is a testament to the Valeant teams who have
impressively grown these brands over the past several years. We
believe these products will benefit even further from the resources
and capabilities of a global beauty company like L'Oréal, which is
well equipped to build on the success of these brands and expand
into new global markets. Our remaining consumer products business
is well positioned for continued advancement within Valeant's
portfolio."
- The CeraVe brand portfolio offers a range of advanced skincare
products, including cleansers, moisturizers, sunscreens, healing
ointments and a dedicated baby line. Developed with dermatologists,
CeraVe is one of the fastest growing skincare brands in the U.S.
with average growth over the past two years exceeding 20%.
- The AcneFree brand portfolio offers a full range OTC cleansers
and acne treatments in the U.S. introduced to the market in
1966.
- The AMBI brand portfolio offers a range of skincare products
formulated for the needs of multicultural consumers that includes
creams, cleansers and moisturizers in the face and body
category.
Valeant will use the proceeds from the sale to permanently repay
term loan debt under its Senior Credit Facility. The transaction is
expected to close in the first quarter of 2017, subject to
customary closing conditions, including receipt of applicable
regulatory approvals. Wachtell, Lipton, Rosen & Katz acted as advisor to
Valeant on the transaction.
About Valeant
Valeant Pharmaceuticals International,
Inc. (NYSE/TSX:VRX) is a multinational specialty pharmaceutical
company that develops, manufactures and markets a broad range of
pharmaceutical products primarily in the areas of dermatology,
gastrointestinal disorders, eye health, neurology and branded
generics. More information about Valeant can be found at
www.valeant.com.
Forward Looking Statements
This press release may
contain forward-looking statements which may generally be
identified by the use of the words "anticipates," "expects,"
"intends," "plans," "should," "could," "would," "may," "will,"
"believes," "estimates," "potential," "target," or "continue" and
variations or similar expressions. These statements are based upon
the current expectations and beliefs of management and are subject
to certain risks and uncertainties that could cause actual results
to differ materially from those described in the forward-looking
statements. These risks and uncertainties include, but are not
limited to, risks and uncertainties discussed in the Company's most
recent annual or quarterly report and detailed from time to time in
Valeant's other filings with the Securities and Exchange Commission
and the Canadian Securities Administrators, which factors are
incorporated herein by reference. Some of these risks and
uncertainties include factors relating to Valeant's ability to
consummate the transaction and realize expected gains. There can be
no assurance that any transaction between Valeant and L'Oréal
will occur, or will occur on the timetable contemplated
hereby. Readers are cautioned not to place undue reliance on
any of these forward-looking statements. These
forward-looking statements speak only as of the date hereof.
Valeant undertakes no obligation to update any of these
forward-looking statements to reflect events or circumstances after
the date of this press release or to reflect actual outcomes,
unless required by law.
Contact Information:
Elif McDonald
elif.mcdonald@valeant.com
514-856-3855
877-281-6642 (toll free)
Media:
Renée Soto
or
Chris Kittredge/Jared Levy
Sard Verbinnen & Co.
212-687-8080
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SOURCE Valeant Pharmaceuticals International, Inc.