The drugmaker reported a sharp drop in sales last quarter, and still has $30 billion in debt hanging over its balance sheet that can only be dealt with by selling assets or improving cash flow. On Tuesday, Valeant said that sales and profit this year will decline further, sending its shares and bonds down.
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Valeant Sells $2.1 Billion in Assets to Ease Debt Burden
Valeant Pharmaceuticals International Inc. agreed to sell about $2.1 billion in assets in two deals, an important first step in the struggling drugmaker’s endeavor to get cash and begin easing its debt burden. L’Oreal SA, the Paris-based cosmetic giant, will pay Valeant $1.3 billion for three skin-care brands, according to a statement Tuesday.
Valeant to Sell $2.1 Billion in Assets to Pay Down Debt
Valeant Pharmaceuticals International Inc. agreed to sell about $2.1 billion in assets as the embattled Canadian drugmaker seeks to streamline its businesses and ease its debt burden. L’Oreal SA will pay Valeant $1.3 billion for three skincare brands, the Paris-based company Tuesday said in a statement.