Valeant Pharmaceuticals (VRX) and L’Oréal (LRLCY) Ink Mega-Deal For Skin-Care Product Lines
Valeant Pharmaceuticals International, Inc. (NYSE:VRX) said before the opening-bell Tuesday that French cosmetics company L’Oréal SA (OTCMKTS:LRLCY) has agreed to acquire its CeraVe, AcneFree and AMBI skin-care product lines for $1.3 billion in cash.
The Canadian pharmaceutical and medical device company expects the transaction – subject to customary closing conditions – to be completed in the first half 2017 and plans to use the sale proceeds to repay term-loan debt.
Shares of Valeant surged more than 15% in pre-market trade, following the announcement.
Valeant Pharmaceuticals International, which develops, manufactures, and markets pharmaceuticals, OTC products, and medical devices worldwide, has 341.19M shares outstanding, market capitalization (intraday) of $5.11B and VRX stock 52-week range is from $13.00 to $101.40 per share.
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