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BRIEF-Valeant agrees to sell Obagi Medical Products business

Published 2017-07-17, 07:08 a/m
© Reuters.  BRIEF-Valeant agrees to sell Obagi Medical Products business
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July 17 (Reuters) - Valeant VRX.TO :

* Valeant agrees to sell Obagi Medical Products business

* Valeant - deal for $190 million in cash

* Says Valeant will use proceeds from sale to permanently repay term loan debt under its senior secured credit facility

* Valeant - estimates that 2017 revenue and adjusted ebitda (non-gaap) for Obagi business would have been approximately $85 million and $30 million respectively

* Valeant - certain affiliates of co agreed to sell Obagi medical products business to Haitong International Zhonghua Finance Acquisition Fund I, L.p.

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