Valeant Pharmaceuticals (NYSE:VRX) is selling its assets to L’Oreal and Dendreon $2.12 billion to ease debt load

According to latest reports, Laval, Quebec-based Valeant Pharmaceuticals Intl (NYSE:VRX) is set to sell its Dendreon cancer business and three skincare brands for around $2.12 billion as the distressed Canadian drug-maker looks to cut down its above $30 billion debt.

Valeant Pharmaceuticals Intl (NYSE:VRX) U.S.-listed shares surged 15% to $17.65 in premarket trading on Tuesday.

Valeant Pharmaceuticals International is aiming to recoup investors poise after its stock plunged nearly 90% in the past year over leaks that it secretly operated with a specialty pharmacy to raise sales of its medicines.

Valeant is the subject of a number of recent inquiries related to specialty pharmacy, comprising by congressional panels and the U.S. Securities and Commission.

Reports said that French cosmetics group L’Oreal is buying CeraVe, AcneFree and Ambi from Valeant for almost $1.3 billion in cash. Meanwhile Valeant also announced to sell its Dendreon unit to China’s Sanpower Group Co Ltd for reported $819.9 million. In 2015 Valeant bought bankrupt Dendreon for about $300 million.

“With this sale, we are better aligning our product portfolio with Valeant’s new operating strategy by exiting the urological oncology business, which is one of our non-core assets,” Valeant Chief Executive Joseph Papa said in a statement on Monday.

The agreement could be the first of a series of divestitures for Valeant Pharmaceuticals Intl (VRX), whose growth was driven by takeover’s spree that left it burdened with a huge stack of debt.

Furthermore L’Oreal paid nearly eight times the brand’s combined annual revenue of $168 million as it swells into one of the fastest growing areas of the beauty industry.