L'Oreal to Buy 3 Skincare Brand from Valeant for $1.3 Billion
January 10 2017 - 03:41AM
Dow Jones News
By William Horobin
PARIS--France's L'Oreal SA (OR.FR) is to buy three skincare
brands including CeraVe from Valeant Pharmaceuticals Inc. (VRX) for
$1.3 billion to expand in the U.S. and sell more products with
active ingredients, taking advantage of the Canadian company's
latest move to sell assets and pare debt.
The CeraVe brand includes cleansers, moisturizers and healing
ointments. The other brands--AcneFree and Ambi--distributes a range
of acne treatments skincare products for multucultural consumers,
L'Oreal said on Tuesday.
L'Oreal, one of the world's leading cosmetics suppliers, said
the three brands have an annualized combined revenue of around $168
million.
"These three brands, built on strong relationships with health
professionals and widely distributed, will nearly double the
revenue of our Active Cosmetics Division in the US and will help us
satisfy the growing demand for active skincare at accessible
prices," said Frederic Roze, chief executive of L'Oreal USA.
The closing is subject to the standard regulatory approvals and
other conditions, L'Oreal said.
-Write to William Horobin at william.horobin@wsj.com
(END) Dow Jones Newswires
January 10, 2017 03:26 ET (08:26 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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