Valeant Pharmaceuticals entered into two separate deals to sell off its oncology division and skin care unit for more than $2 billion, reports Bloomberg.
Here are three things to know.
1. The Paris-based cosmetics company L'Oreal will pay $1.3 billion for Valeant's three over-the-counter skin care brands: CerAve, AcneFree and Ambi. The three brands have combined annual sales of $168 million.
2. The Chinese conglomerate Sanpower Group will acquire Valeant's cancer drug unit, Dendreon Pharmaceuticals, for $820 million. Valeant acquired Dendreon for $445 million in 2015.
3. The deals represent Valeant's largest divestitures in almost three years and will help decrease the drugmaker's $30 billion debt pile, according to Bloomberg.
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