Valeant to sell its iNova Pharma business for $930 mln


(Adds details, background, shares)
    June 8 (Reuters) - Embattled Canadian drugmaker Valeant
Pharmaceuticals International Inc <VRX.TO> <VRX.N> said on
Thursday it would sell its iNova Pharmaceuticals business for
$930 million in cash as it looks to pay down debt.
    The unit, which sells prescription and over-the-counter
products, will be bought by a company jointly owned by Pacific
Equity Partners and The Carlyle Group LP <CG.O>, Valeant said.
    The deal to buy iNova — which markets weight and pain
management, cardiology and cough and cold products — is expected
to close in the second half of this year. [nPn7lf3dxa]
    Valeant is trying to regain investor confidence after
investigations into its drug pricing and other business
practices, such as its use of a specialty pharmacy, by multiple
U.S. government agencies.
    It is now focusing on its dermatology, eye care and
gastrointestinal units while pruning other assets to repay
long-term debt, which stands at $28.54 billion as of March 31.
    Goldman Sachs & Co was Valeant's financial adviser, while
Baker McKenzie was its legal adviser.
    Bloomberg on Tuesday reported that Valeant was involved in
talks to sell its Bausch & Lomb unit's surgical products
business to Germany'sCarl Zeiss Meditec AG
    Valeant's U.S. listed shares were up about 6 percent to
$12.88 in premarket trading on Thursday.

 (Reporting by Divya Grover in Bengaluru; Editing by Shounak
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