Drugmaker Valeant selling over $1.3B in assets

Valeant Pharmaceuticals International intends to sell three of its skin care brands to French cosmetics company L'Oreal for $1.3 billion.

The proposed sale was announced a day after Valeant officials said the company will sell its Dendreon cancer unit to China conglomerate Sanpower Group for $819.9 million.

The moves are part of Valeant CEO Joseph Papa's plan to cut the drugmaker's estimated $30 million in debt.

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