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. Wachtell, Lipton, Rosen & Katz acted as advisor to Valeant on the transaction.
Valeant Pharmaceuticals International, Inc. (NYSE/TSX:VRX) is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of dermatology, gastrointestinal disorders, eye health, neurology and branded generics. More information about Valeant can be found at www.valeant.com.
Forward Looking Statements
This press release may contain forward-looking statements which may generally be identified by the use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential," "target," or "continue" and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual 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'Oréal 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 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)
Chris Kittredge/Jared Levy
Sard Verbinnen & Co.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/valeant-to-sell-cerave-acnefree-and-ambi-skincare-brands-to-loreal-for-13-billion-300388378.html
SOURCE Valeant Pharmaceuticals International, Inc.