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Valeant to sell its Obagi skin-care business for US$190 million to H.K. group

Last Updated Jul 17, 2017 at 8:20 am EST

LAVAL, Que. – Valeant Pharmaceuticals International, Inc. (TSX:VRX) has a deal to sell its Obagi skin care business to a Hong Kong-based group for US$190 million in cash.

The Quebec-based company, headquartered in Laval, estimates its Obagi Medical Products unit will generate about US$85 million of revenue in 2017.

The buyer is a fund managed by a limited partnership that includes China Regenerative Medicine International and Haitong International Securities Group, both headquartered in Hong Kong.