Valeant Pharmaceuticals To Sell Off Obagi Medical For $190M

Valeant Pharmaceuticals said on Monday that it is selling Irvine-based Obagi Medical Products, in a deal worth $190M in cash. Valeant is selling Obagi, which makes skin care products, to Haitong International honghua Finance Acquisition Fund I. Valeant said the sale will "streamline our operations and reduce debt". Valeant paid $344M for Obagi Medical back in 2013.