Bausch & Lomb owner Valeant Pharmaceuticals to cut €28.5bn debt

Valeant Pharmaceuticals, which also owns Bausch & Lomb here, is selling its Dendreon cancer business and three skincare brands for about $2.12bn (€2bn) as the troubled Canadian drugmaker looks to pay down its more than $30bn (€28.5bn) debt.

French cosmetics group L’Oreal is buying CeraVe, AcneFree and Ambi from Valeant for about $1.3bn in cash.

Valeant is also selling its Dendreon unit to China’s Sanpower Group for $819.9m. Valeant bought bankrupt Dendreon in 2015 for about $300m.