LAVAL, QUE.—Valeant Pharmaceuticals expects to receive $930 million (U.S.) in cash for its iNova unit, which it’s selling to two fund managers that had been considered rival bidders for the prescription and over-the-counter drug business. The buyers are funds managed by Pacific Equity Partners and The Carlyle Group, which say they plan to further grow iNova Pharmaceuticals. iNova markets a variety of products for weight management, pain management, cardiology and the treatment of coughs and colds. This is a strong company with great products with growth opportunities particularly in new markets,” Carlyle Group managing director David Bluff said in a statement. David Brown, managing director of Pacific Equity Partners, said the new owners intend to invest in product development, geographical expansion, marketing, staff and potential acquisitions of additional brands.

Source: thestar June 08, 2017 17:35 UTC