France based L’Oréal to acquire CeraVe, AcneFree and AMBI Skincare Brands from Valeant Pharmaceuticals for $1.3 billion in all cash deal.
After the deal Valeant CEO Joseph C. Papa said “We are pleased to close this transaction with L’Oréal, and further our progress to pay down debt.”
Valeant Pharmaceuticals is a multinational specialty pharmaceutical company based in Laval, Quebec, Canada. Valeant develops, manufactures and markets pharmaceutical products primarily in the areas of dermatology, gastrointestinal disorders, eye health, neurology and branded generics.
L’Oréal is a French cosmetics company founded in 1909 and is headquartered in Clichy, France. It is the world’s largest cosmetics company and has developed activities in the field of cosmetics, concentrating on hair color, skin care, sun protection, make-up, perfume and hair care; the company is active in dermatology, toxicology, tissue engineering, and biopharmaceutical research fields and is the top nanotechnology patent-holder in the United States.
Source: –Valeant Pharmaceutical’s Press Release