Valeant Pharmaceuticals Intl Inc. (NYSE:VRX) announced that it has completed the previously announced sale of its CeraVe, AcneFree and AMBI skincare brands to L’Oréal for $1.3 billion in cash. Valeant will use net proceeds from the sale to permanently repay term loan debt under its Senior Credit Facility.

“We are pleased to close this transaction with L’Oréal, and further our progress to pay down debt,” said Valeant CEO Joseph C. Papa. “Today’s announcement is the first of significant steps within our divestiture program which will help us focus our business, meet our financial goals and create value for our shareholders.”

Shares of Valeant are currently trading at $13.06, down $0.69 or -4.98%. VRX has a 1-year high of $70.43 and a 1-year low of $12.90. The stock’s 50-day moving average is $14.90 and its 200-day moving average is $19.81.

On the ratings front, Valeant has been the subject of a number of recent research reports. In a report issued on March 1, Jefferies analyst David Steinberg reiterated a Buy rating on VRX, with a price target of $18, which represents a potential upside of 31% from where the stock is currently trading. Separately, on the same day, J.P. Morgan’s Chris Schott maintained a Hold rating on the stock and has a price target of $15.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, David Steinberg and Chris Schott have a yearly average return of 2.3% and 4.1% respectively. Steinberg has a success rate of 47% and is ranked #1679 out of 4513 analysts, while Schott has a success rate of 58% and is ranked #1384.

Sentiment on the street is mostly neutral on VRX stock. Out of 13 analysts who cover the stock, 8 suggest a Hold rating , 3 suggest a Sell and 2 recommend to Buy the stock. The 12-month average price target assigned to the stock is $15.20, which implies an upside of 11% from current levels.