Valeant Pharmaceuticals sold its iNova Pharmaceuticals business to a company jointly owned by Pacific Equity Partners and The Carlyle Group for $930 million.
Here's what you should know:
1. Valeant is using the $920 million to repay term loan debt.
2. Valeant also announced it would use operational cash to repay an additional $100 million in outstanding debt.
3. Valeant CEO Joseph Papa believes when the company completes the sale of its Obagi Medical Products Business, Valeant will exceed its August 2016 commitment to pay down $5 billion in debt through divestiture proceeds and free cash flow.
4. Mr. Papa said in a release, "As we continue to deliver on our commitments, we will remain focused on investing in our core businesses that will drive growth and where we believe we can make the biggest impact on the lives of patients."