Valeant Pharmaceuticals International has entered an agreement through certain affiliates to divest its Obagi Medical Products business to Haitong International Zhonghua Finance Acquisition Fund for $190m.

The proceeds from the sale will be used by the company to permanently repay term loan debt under its Senior Secured Credit Facility.

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Valeant Pharmaceuticals International chairman and CEO Joseph Papa said: “The sale of Obagi marks additional progress in our efforts to streamline our operations and reduce debt.

“As we continue to transform Valeant, we will remain focused on the core businesses that will drive high value for our shareholders.”

Established in 1988, Obagi Medical Products is a global speciality pharmaceutical company founded by leading skincare experts.

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"As we continue to transform Valeant, we will remain focused on the core businesses that will drive high value for our shareholders."

The products of the Obagi business are designed specifically to help reduce the appearance of premature skin aging, skin damage, hyperpigmentation, acne and sun damage.

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The medical products are primarily available to people through dermatologists, plastic surgeons, medical spas and other skincare professionals.

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

During the current transaction, Morgan Stanley & Co. served as financial advisor to Valeant Pharmaceuticals, while Norton Rose Fulbright functioned as the legal advisor.

Valeant Pharmaceuticals International is a multinational speciality pharmaceutical company that develops, manufactures and commercialises a large variety of pharmaceutical products, mainly in the areas of dermatology, gastrointestinal disorders, eye health, neurology and branded generics.