UPDATE: Valeant shares jump 5% premarket on news of sale of iNova Pharmaceuticals for $930 million
Valeant Pharmaceuticals International Inc. said Thursday it has agreed to sell iNova Pharmaceuticals to a company owned by funds managed by private-equity firms Pacific Equity Partners and The Carlyle Group for $930 million in cash. iNova makes drugs for weight management, pain management, cardio and coughs and colds, among other things. Valeant will use the proceeds of the deal to pay down loan debt. The company is working to reduce a debt burden that stood at $26.5 billion at the end of the first quarter. The deal is expected to close in the second half. Valeant shares jumped 5% premarket on the news before paring those gains, but are still down 16% in 2017 through Wednesday, while the S&P 500 has gained 9%.
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