Valeant Pharmaceuticals International said Monday it sold its Asia-Pacific operations to Invida Pharmaceutical Holdings Pte Ltd. of Singapore for $37.8 million.
Aliso Viejo-based Valeant said Invida acquired licensing rights and commercial operations for products sold in 12 Asian markets, including China, Singapore and Taiwan, as well as some product rights for Japan.
Kinerase, Valeant’s “cosmeceutical” skin care line, is among the brands included in the Invida deal.
“Asia Pacific was a subscale operation for Valeant and was diverting unnecessary management attention and resources,” said J. Michael Pearson, Valeant’s chief executive, in a statement.
The sale to Invida “is an important first step in simplifying our business,” he said.
Late last month, Valeant said it was reviewing its operations after reporting weak fourth-quarter financial results.
Separately, the drug maker said in a Securities and Exchange Commission filing that it would restate financial results for some financial periods due to accounting errors at some foreign operations from 2002 until last Sept. 30.
