Drug-maker Valeant on course to debt repayment target: CEO

Reuters Business News
Posted: May 02, 2017 10:11 AM

LAVAL, Quebec (Reuters) - Valeant Pharmaceuticals International Inc <VRX.TO>, weighed down by debt from years of acquisitions, is on pace to meeting its target of repaying $5 billion in debt between August, 2016 and February, 2018, Chief Executive Joe Papa told shareholders on Tuesday.

Repayment is expected to come from asset sale proceeds and free cash flow, and the company has earlier announced sales that will generate up-front proceeds of $2.35 billion.

(Reporting by Allison Lampert in Laval, Quebec; writing and additional reporting by Rod Nickel in Winnipeg, Manitoba; Editing by Chizu Nomiyama)