Earlier this month, Valeant Pharmaceuticals entered into an agreement to sell its CeraVe, AcneFree, and AMBI skincare brands to L'Oréal for $1.3 billion in cash. The product lines have annualized revenue of approximately of $168 million. "We are pleased to announce the progress we are making in reshaping our product portfolio and driving value for our shareholders," says Joseph C. Papa, CEO of Valeant. "The success of these products, and today's transaction, is a testament to the Valeant teams who have impressively grown these brands over the past several years. We believe these products will benefit even further from the resources and capabilities of a global beauty company like L'Oréal, which is well equipped to build on the success of these brands and expand into new global markets. Our remaining consumer products business is well positioned for continued advancement within Valeant's portfolio." Developed with dermatologists, the CeraVe brand portfolio offers a range of advanced skincare products, including cleansers, moisturizers, sunscreens, healing ointments, and a dedicated baby line. Launched in 1966, the AcneFree brand portfolio offers a full range of over-the-counter cleansers and acne treatments in the U.S. The AMBI brand portfolio offers a range of skincare and bodycare products formulated for the needs of multicultural consumers. Valeant will use the proceeds from the sale to repay term loan debt under its Senior Credit Facility. The transaction is expected to close in the first quarter of 2017.