As part of a move to further pay down debt, Valeant Pharmaceuticals International has agreed to sell its Obagi Medical Products business, a specialty pharmaceutical company focused on skin-care products, for $190 million in cash to Haitong International Zhonghua Finance Acquisition Fund I, L.P., an investment firm.

Obagi’s products are designed to help minimize the appearance of premature skin aging, skin damage, hyperpigmentation, acne, and sun damage and are primarily available through dermatologists, plastic surgeons, medical spas, and other skin-care professionals.

Valeant will use the proceeds from the sale to permanently repay term loan debt under its senior secured credit facility.

The transaction is expected to close in the second half of 2017, subject to customary closing conditions, including receipt of applicable regulatory approvals.

Source: Valeant