Valeant to sell iNova unit for $930 mln to Pacific Equity, Carlyle: Reuters

Embattled Canadian drugmaker Valeant Pharmaceuticals International Inc said it would sell its iNova Pharmaceuticals business for US$930 million in cash as it looks to pay down debt, Reuters reported. The unit, which sells prescription and over-the-counter products, will be bought by a company jointly owned by private equity firms Pacific Equity Partners and Carlyle Group, Valeant said. The deal is expected to close in the second half of this year. Valeant is focusing on its dermatology, eye care and gastrointestinal units while pruning other assets to repay long-term debt, which stands at US$28.54 billion as of March 31.

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