June 8, 2017 / 11:14 AM / a year ago

Valeant to sell its iNova Pharmaceuticals business for $930 mln

June 8 (Reuters) - Embattled Canadian drugmaker Valeant Pharmaceuticals International Inc said on Thursday it would sell its iNova Pharmaceuticals business for $930 million in cash as it looks to pay down debt.

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)

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