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.

Pre-Market Stocks Briefing: Ryerson Holding Corp. (NYSE:RYI), Valeant Pharmaceuticals Intl Inc. (NYSE:VRX)

Ryerson Holding Corp. (NYSE:RYI) stock dropped -5.23% in today’s pre market session with the price of $15.42. Over the last one month and over the past three months, Ryerson Holding, Inc’s shares gained 8.76% and 119.43%, respectively. Furthermore, the stock rose 248.18% since the start of this year. The company’s shares are trading 9.41% above their 50-day moving average. Additionally, Ryerson Holding, Inc has an RSI of 47.08.

Ryerson Holding Corporation (RYI) announced July 19, 2016 the pricing of its previously announced underwritten public offering of 5,000,000 shares of its common stock at a public offering price of $15.25 per share, before underwriting discounts and commissions. In addition, the Company has granted the underwriters a 30-day option to purchase up to 750,000 additional shares of common stock at the public offering price less underwriting discounts and commissions.

The offering is expected to close on July 25, 2016, subject to the satisfaction or waiver of customary closing conditions. The Company intends to use the net proceeds of the offering to repurchase, redeem, defease or otherwise repay portions of its outstanding indebtedness, including but not limited to, its outstanding 11.25% Senior Notes due 2018, from time to time.

Valeant Pharmaceuticals Intl Inc(NYSE:VRX) stock on Friday’s pre market session gained 4.12% at price of $24.51. Over the last one month and the previous three months, Valeant Pharmaceuticals Inc’s shares gained 6.81% and ticked down -29.63%, respectively. Additionally, the stock has lost -76.84% since the beginning of 2016. The company’s shares are trading below their 50-day and 200-day moving averages by -4.32% and -65.82%, respectively.

Valeant Pharmaceuticals International, Inc. (NYSE & TSX: VRX) and Progenics Pharmaceuticals, Inc. (PGNX) July 19, 2016 announced that the U.S. Food and Drug Administration has approved RELISTOR® (methylnaltrexone bromide) Tablets for the treatment of opioid-induced constipation (OIC) in adults with chronic non-cancer pain. Valeant expects to commence sales of RELISTOR Tablets in the U.S. in the third quarter of 2016.

“Opioid-induced constipation represents a long-lasting and potentially debilitating side effect of opioid therapy for millions of patients suffering from chronic pain,” commented Joseph C. Papa, Chief Executive Officer of Valeant. “We believe Oral RELISTOR represents a new alternative treatment for OIC, and we look forward to introducing the more convenient oral formulation as soon as practicable.”

“We are delighted that this milestone for RELISTOR has been achieved, and that patients suffering from OIC will have this new treatment option,” said Mark Baker, Chief Executive Officer of Progenics. “We expect the market to be receptive to a more convenient oral tablet formulation of RELISTOR’s well-established subcutaneous preparation. We would like to thank, in particular, Dr. Tage Ramakrishna and Dr. Robert Israel of Valeant for their work over many years in the clinical development of RELISTOR.”