Fighting Debt Demons, Valeant Pharmaceuticals Just Priced a New Debt Offering
The theme of 2017 for embattled drug developer Valeant Pharmaceuticals (NYSE: VRX) is "baby steps." After a miserable 2015 and 2016, which saw the company get buried under debt and accused of numerous scandals, the current management team has been doing its best to stay under the radar and make incremental improvements for its shareholders.
Since Joe Papa took over as CEO last year, Valeant has announced numerous divestments, including cancer-drug developer Dendreon, Australia's iNova Pharmaceutical, and Obagi Medical Products. Once the latter two deals are closed, Valeant should have reduced its total debt by more than $5 billion since it peaked at over $32 billion. Having less in the way of debt is deemed as critical for providing Valeant with financial flexibility.
Image source: Getty Images.
Source: Fool.com
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