Valeant to divest iNova Pharmaceuticals for $930 million

8 June 2017

Troubled Canadian drugmaker Valeant Pharmaceuticals International (TSX: VRX) has entered into an agreement to sell its iNova Pharmaceuticals business to a company jointly owned by funds advised and managed by Pacific Equity Partners and The Carlyle Group for $930 million in cash.

Valeant’s shares were up around 8% at $13.14 in mid-morning trading following the announcement.

Valeant acquired Australia-based iNova in 2011 in a deal then valued at $946 million, seeing this also as a beachhead into both Southeast Asia and South Africa.

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