Valeant Pharmaceuticals International, Inc. is selling CeraVe, AcneFree and AMBI skincare brands to L'Oréal for $1.3 billion in cash.

The transaction is expected to close in the first quarter of 2017, subject to customary closing conditions, including receipt of applicable regulatory approvals.

The CeraVe, AcneFree, and AMBI product lines have annualized revenue of approximately of $168 million.

The CeraVe brand portfolio offers a range of advanced skincare products, including cleansers, moisturizers, sunscreens, healing ointments and a dedicated baby line. Developed with dermatologists, CeraVe is one of the fastest growing skincare brands in the U.S. with average growth over the past two years exceeding 20%.

The AcneFree brand portfolio offers a full range OTC cleansers and acne treatments in the U.S. introduced to the market in 1966.

The AMBI brand portfolio offers a range of skincare products formulated for the needs of multicultural consumers that includes creams, cleansers and moisturizers in the face and body category.

Valeant will use the proceeds from the sale to pay down its more than $30 billion debt.Wachtell, Lipton, Rosen & Katz acted as advisor to Valeant on the transaction.