Valeant Pharmaceuticals International, Inc. (VRX) is ditching its Obagi skin care line by selling it for $190 million in cash to Hong Kong-based Haitong International Zhonghua Finance Acquisition Fund I LP.
Since Joseph Papa took over Valeant Pharmaceuticals (VRX) in May 2016, he’s been working to cut the deadwood out of the company and trim down its massive debt. Today, the company announced that it was selling its Obagi Medical Products business to Haitong International Zhonghua Finance Acquisition Fund I for $190 million in cash.