Valeant Pharmaceuticals to sell assets for $2.1bn: Dendreon to be sold to Sanpower and Skincare to L’Oréal

Valeant Pharmaceuticals has sold its Dendreon cancer treatment business to China-based Sanpower for $820m. Valeant bought Dendreon’s assets for $575m in a bankruptcy auction in 2015. Over the years Valeant has built up as much as $30bn in debt, which the new CEO Joseph Papa is determined to pay down by selling noncore assets. Valeant has a market value of as little as $5bn, compared to approximately $80bn just two years ago. Papa tried to sell Salix Pharmaceuticals to Takeda for $10bn some months ago, yet the deal failed shortly before being signed. Almost simultaneously to the deal with Sanpower, Valeant announced today it has sold its skincare brands CeraVe, AcneFree and Ambi to L’Oréal for $1.3bn. The three brands generated $168m in sales in 2016, have double-digit CAGR and will be integrated into L’Oréal’s Active Cosmetics Division. (Source WSJ and L’Oréal)