L'Oréal buys brands from Valeant

L'Oréal SA has agreed to acquire CeraVe and two other skin-care brands from Valeant Pharmaceuticals Inc. in an all-cash deal for $1.3 billion,

the

Wall Street Journal

reported.

The CeraVe brand includes cleansers, moisturizers and healing ointments. L'Oréal is also acquiring the AcneFree and Ambi brands, including acne treatments and skin-care products. The three brands generate combined annual revenue of about $168 million, the

Journal

article said.

The skin-care market segment is now the largest in the beauty industry, accounting for a quarter of the market, although growth has slowed in recent years, the article said. (Source:

Wall Street Journal

, Jan. 11, 2017.)