Finally, the shareholders of Valeant Pharmaceuticals have a genuine reason to cheer about the company.
As announced early Tuesday morning, Valeant is selling some $2.1 billion worth of its assets to help pay down the more than $30 billion in debt it ended with in the third quarter. Assuming both deals close as planned, and Valeant continues to shuffle a good chunk of its earnings before interest, taxes, depreciation, and amortization (EBITDA) toward debt reduction, the company may be able to push its debt levels down near $27 billion to $27.5 billion by mid-2017.
