L'Oreal to Buy 3 Skincare Brand from Valeant for $1.3 Billion

By William Horobin

PARIS--France's L'Oreal SA (OR.FR) is to buy three skincare brands including CeraVe from Valeant Pharmaceuticals Inc. (VRX) for $1.3 billion to expand in the U.S. and sell more products with active ingredients, taking advantage of the Canadian company's latest move to sell assets and pare debt.

The CeraVe brand includes cleansers, moisturizers and healing ointments. The other brands--AcneFree and Ambi--distributes a range of acne treatments skincare products for multucultural consumers, L'Oreal said on Tuesday.

L'Oreal, one of the world's leading cosmetics suppliers, said the three brands have an annualized combined revenue of around $168 million.

"These three brands, built on strong relationships with health professionals and widely distributed, will nearly double the revenue of our Active Cosmetics Division in the US and will help us satisfy the growing demand for active skincare at accessible prices," said Frederic Roze, chief executive of L'Oreal USA.

The closing is subject to the standard regulatory approvals and other conditions, L'Oreal said.

-Write to William Horobin at [e-mail]

(END) Dow Jones Newswires

January 10, 2017 03:26 ET (08:26 GMT)

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