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Valeant Pharmaceuticals Completes Sale Of CeraVe, AcneFree And AMBI Skincare Brands To L'Oréal

 Valeant Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX) ("Valeant") today announced that it has completed the previously announced sale of its CeraVe, AcneFree and AMBI skincare brands to L'Oréal for $1.3 billion in cash. Valeant will use net proceeds from the sale to permanently repay term loan debt under its Senior Credit Facility.

"We are pleased to close this transaction with L'Oréal, and further our progress to pay down debt," said Valeant CEO Joseph C. Papa. "Today's

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