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agreed to sell three skin care brands including CeraVe to French cosmetics giant L'Oreal for $1.3 billion, the latest effort by the beleaguered drugmaker to unload assets and pare debt. The sale of the brands to L'Oreal follows swiftly on Valeant's agreement on Monday to sell its Dendreon cancer business to Chinese conglomerate Sanpower for $820 million. The asset sales are part of new Valeant Chief Executive Joseph Papa's efforts to focus the company on its key franchises in skin drugs, stomach treatments, eye care and consumer health, while either selling noncore assets or milking them for cash to pay down $30 billion in debt. Valeant has put a number of assets on the auction block, but has struggled to strike sale agreements at acceptable prices. Most notably, it came close but ultimately failed to seal a deal to sell stomach-drug maker Salix Pharmaceuticals Ltd. to Japan's Takeda Pharmaceutical Co. for $10 billion. "We are pleased to announce the progress we are making in reshaping our product portfolio and driving value for our shareholders," said Mr. Papa in a statement on Tuesday.
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