iNova is on sale (AUD1bn)

Australia-based pharma group iNova (Valeant) is on sale and its teaser will be circulated to prospective buyers as early as next week. iNova was acquired in 2011 for AUD625m by Valeant, which is expecting to gain AUD1bn from it. The most likely buyers include GlaxoSmithKline, who already expressed interest in iNova in the past and is expected to be one of the most aggressive bidders during the sales process. (Source Australian Finance Review)