Valeant Pharmaceuticals International Completes Sale Of Dendreon

Valeant Pharmaceuticals International has completed the sale of all of the outstanding equity interests in its former subsidiary Dendreon Pharmaceuticals to the Sanpower Group for $819.9 million in cash. Shares of Valeant are up 4% in pre-market trading.

Valeant said it will use net proceeds from the sale to permanently repay term loan debt under its senior credit facility With the closing of this transaction, the company reiterates its expectation to pay down $5 billion in debt from divestiture proceeds and free cash flow within 18 months of August 2016. The company estimates that the expected revenue and Adjusted EBITDA (non-GAAP) from the Dendreon business in the second half of 2017 would have been approximately $170 million and $65 million, respectively.

By Chris Robinson