Finally, some of beleaguered drug company Valeant Pharmaceuticals' deals are paying off.
Valeant is selling its cancer business Dendreon as well as three skincare products for total proceeds of more than $2 billion, the company said in a flurry of announcements overnight. Altogether, the sale represents a more than triple-bagger return for Valeant in a relatively swift time frame, with certain assets sold for several multiples more than what Valeant paid for them. Valeant stock surged as much as 6% Tuesday on the news.
