To combat its $30 billion debt, Lovell, Canada-based Valeant Pharmaceuticals is selling its Dendreon cancer business and three of its skincare brands for $2.12 billion.
Here's what you should know.
1. Valeant is selling its Dendreon immunotherapy prostate cancer business to China-based Sanpower Group for $819.9 million.
2. Additionally, Valeant is selling its CeraVe, AMBI Skincare and AcneFree skincare brands to Île-de-France-based L'Oreal for $1.3 billion.
The three product lines yielded an annual revenue of $168 million for Valeant.
3. Valeant expects to close on both transactions in early 2017.
4. The sales' proceeds will pay back some of Valeant's term loan debt.