Valeant to sell its iNova unit for $930m

Industries Reuters

(Associated Press)

Embattled Canadian drugmaker Valeant Pharmaceuticals said on Thursday it would sell its iNova Pharmaceuticals business for $930 million in cash as it looks to pay down debt.

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The unit will be bought by a company jointly owned by funds advised and managed by Pacific Equity Partners and The Carlyle Group, Valeant said.

INova markets a diversified portfolio of prescription and over-the-counter products for weight management, pain management, cardiology and cough and cold.

As of March 31, Valeant's long-term debt was $28.54 billion.

(Reporting by Divya Grover in Bengaluru; Editing by Shounak Dasgupta)