Valeant Pharmaceuticals agreed to sell its Obagi Medical Products skin care business for $190 million to Haitong International Zhonghua Finance Acquisition Fund I.
Here's what you should know:
1. Valeant will use the proceeds of the sale to repay debt under its senior secured credit facility.
2. The transaction could close in the second half of 2017.
3. Valeant estimated Obagi would've made $85 million in 2017 full-year revenue.
4. Valeant CEO Joseph C. Papa said in a release, "The sale of Obagi marks additional progress in our efforts to streamline our operations and reduce debt. As we continue to transform Valeant, we will remain focused on the core businesses that will drive high value for our shareholders."