LAVAL, Quebec — Valeant Pharmaceuticals International Inc. plans to sell its iNova Pharmaceuticals unit for $930 million in cash to help pay down debt.

Valeant said Thursday that iNova, whose portfolio includes prescription drugs and over-the-counter health products, is being sold to a company jointly owned by funds of Pacific Equity Partners and Carlyle Group LP.

Joseph Papa

Canada-based Valeant aims to use proceeds from the iNova sale to repay term loan debt under its senior secured credit facility.

“The sale of iNova is part of the company’s ongoing efforts to both simplify our operating model and strengthen our balance sheet,” Joseph Papa, chairman and chief executive officer of Valeant, said in a statement. “We will continue to evaluate opportunities that will enable us to deliver on our commitments and unlock value for shareholders.”

iNova’s prescription products span such segments as acne, anti-infectives, asthma, cardiovascular, dermatology, feminine hygiene, gastrointestinal, muscle relaxants, neurology, pain relief respiratory and weight management.

In OTCs, iNova offers more than two dozen brands, covering such categories as anti-fungal, baby care, cough and cold, first aid, gastrointestinal, hair care, muscle care, skin care, sun care, throat and mouth care, urinary tract health, and vitamins and supplement. The company also serves the aesthetic skin care and eyecare markets.

iNova operates in more than 15 countries and holds leading market positions in Australia and South Africa, as well as an established platform in Asia. Valeant said it will maintain a strong footprint in these areas primarily through its Bausch+Lomb franchise.

The transaction is expected to close in the second half of this year, pending customary closing conditions and regulatory approvals.