Canadian company Valeant Pharmaceuticals International has entered an agreement to divest its iNova Pharmaceuticals business for $930m.

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The business will be sold to a company jointly owned by funds advised and managed by Pacific Equity Partners and The Carlyle Group.

Valeant Pharmaceuticals International chairman and chief executive officer Joseph C. Papa said: “The sale of iNova is part of the company's ongoing efforts to both simplify our operating model and strengthen our balance sheet.

“We will continue to evaluate opportunities that will enable us to deliver on our commitments and unlock value for shareholders.”

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Valeant will use proceeds from the sale to permanently repay the term loan debt under its Senior Secured Credit Facility.

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"The sale of iNova is part of the company's ongoing efforts to both simplify our operating model and strengthen our balance sheet."

Subject to customary closing conditions, which include the receipt of applicable regulatory approvals, the transaction is expected to close in the second half of this year.

US-based investment banking company Goldman Sachs operated as the financial advisor to Valeant Pharmaceuticals, while multinational law firm Baker McKenzie served as the legal advisor to the pharmaceutical company for the current transaction.

iNova Pharmaceuticals currently operates in more than 15 countries worldwide and has leading market positions in Australia and South Africa, in addition to an established platform in Asia.

It markets a wide range of prescription and over-the-counter products in several areas, such as weight management, pain management, cardiology and cough and cold.

Image: Valeant enters deal to divest its iNova Pharmaceuticals business. Photo: courtesy of arztsamui / Freedigitalphotos.net.