Valeant Pharmaceuticals International announced that affiliates of the company have agreed to sell the Obagi Medical Products business to Haitong International Zhonghua Finance Acquisition Fund for $190 million in cash.
Obagi is a global specialty pharmaceutical company with products designed to help minimize the appearance of premature skin aging, skin damage, hyperpigmentation, acne and sun damage, which are primarily available through dermatologists, plastic surgeons, medical spas and other health care professionals, according to a news release.
Limited partners of the acquisition fund include industry veterans in geographic markets, including China Regenerative Medicine International, according to the release.
Valeant reports it will use the sale proceeds to permanently repay term loan debt, with the transaction expected to be closed in the second half of 2017, subject to customary closing conditions.
