July 17, 2017 / 4:36 PM / in 5 months

BUZZ-Valeant Pharma: Sells Obagi Medical unit for $190 mln

** U.S.-listed shares of Canadian drugmaker up as much as 3.1 pct to $17.77

** Valeant says it will sell its Obagi Medical Products business for $190 mln in cash to Haitong International Zhonghua Finance Acquisition Fund I LP

** Proceeds from deal, expected to close in 2H17, will be used to further repay term loan debt

** Valeant bought Obagi, which makes skin-care products, for about $344 mln in 2013

** “... leverage remains high and we do not believe that recent deals, including divestitures of iNova, Dendreon, and Obagi, have had a significant deleveraging impact” - Wells Fargo analyst David Maris

** Up to Friday’s close, stock had risen 18.7 pct this year

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