Baker McKenzie has acted for Valeant Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX) ("Valeant") in entering into an agreement to sell its iNova Pharmaceuticals (“iNova”) business to a company jointly owned by funds advised and managed by Pacific Equity Partners and The Carlyle Group for $930 million in cash.
iNova, which markets a diversified portfolio of prescription and over-the-counter products in several areas, such as weight management, pain management, cardiology and cough and cold, operates in more than 15 countries around the world. iNova holds leading market positions in Australia and South Africa and also has an established platform in Asia. Valeant will maintain a strong footprint in these countries primarily through its Bausch + Lomb franchise.
Valeant will use proceeds from the sale to permanently repay term loan debt under its Senior Secured Credit Facility. The transaction is expected to close in the second half of 2017, subject to customary closing conditions, including receipt of applicable regulatory approvals.
Baker McKenzie lead partner on the transaction, Chris Saxon commented:
We were delighted to act for our longstanding client, Valeant, and to assist them in implementing their strategic plans to simplify the Company's business and strengthen its balance sheet.
Chris was assisted by a Baker McKenzie team comprising: David Holland, Adrian Lawrence, Jonathan Flintoft, Lucas Tyszkiewicz, Julie Cox, Sally Head, Lydia Turman and Amalesh Sukumar.
In this transaction, Goldman, Sachs & Co. served as financial advisor to Valeant.