The Carlyle Group LP (NYSE: CG) and Pacific Equity Partners have reached an agreement to purchase iNova Pharmaceuticals, an Australian developer of drug products, from Valeant Pharmaceuticals Internationals Inc. (NYSE:VRX) for $930 million. Valeant says it will continue to "continue to evaluate opportunities" to strengthen its balance sheet.
iNova, headquartered in Chatswood, Australia, markets and distributes pharmaceutical prescription medicines, over-the-counter consumer drugs, and surgical and medical devices. The target sells products under a number of brands, including: Airomir, Aldara, Aquae, Dermadrate, Dermaveen, Lipz, Medic, Nyal, Obagi, and Reef. iNova serves more than 15 countries across the Australia, Asia Pacific, and South Africa markets.