AcneFree And AMBI Skincare Brands To L'Oreal For LAVAL, Quebec, Jan.
10, 2017 /CNW/ Valeant Pharmaceuticals International, Inc. (NYSE/VRXTSX: VRX) ("Valeant" or the "Company") today announced that it has entered into an agreement to sell its CeraVe, AcneFree and AMBI ray ban wayfarer blue skincare brands to L'Oral for $1.3 billion in cash. The CeraVe, AcneFree, and AMBI product lines have annualized revenue of approximately of $168 million. "We are pleased to announce the progress we are making in reshaping our product portfolio and driving value for our shareholders," said Valeant CEO Joseph C. Papa. "The success of these products, and today's transaction, is a testament to the Valeant teams who have impressively grown these brands over the past ray ban 4086 several years. We believe these products will benefit even further from the resources and capabilities of a global beauty company like L'Oral, which is well equipped to build on the success of these brands and expand into new global markets. Our remaining consumer products business is well positioned for continued advancement within Valeant's portfolio." The AMBI brand portfolio offers a range of skincare products formulated for the needs of multicultural consumers that includes creams, cleansers and moisturizers in the face and body category. Valeant will use the proceeds from the sale to permanently repay term loan debt under its Senior Credit Facility. The transaction is expected to close in the first quarter of 2017, subject to customary closing conditions, including receipt of applicable regulatory approvals. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual ray ban round metal results to differ materially from those described in the forward looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties discussed in the Company's most recent annual or quarterly report and detailed from time to time in Valeant's other filings with the Securities and Exchange Commission and the Canadian Securities Administrators, which factors are incorporated herein by reference. Some of these risks and uncertainties include factors relating to Valeant's ability to consummate the transaction and realize expected gains. There can be no assurance that any transaction between Valeant and L'Oral will occur, or will occur on the timetable contemplated hereby. Readers are cautioned not to place undue reliance on any of these forward looking statements.
These forward looking statements speak ray ban 2016 sunglasses only as of the date hereof. Valeant undertakes no obligation to update any of these forward looking statements to reflect events or circumstances after the date of this press release or to reflect actual outcomes, unless required by law.877 281 6642 (toll free)Sard Verbinnen Co.
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