Following the recent closure of the sale of the Seattle-based biotechnology company, Dendreon Pharmaceuticals, Valeant Pharmaceuticals International reports that it has used the net proceeds of the sale to pay down $811 million of its senior secured term loans.

With this transaction, all mandatory amortization has been paid through 2019. In aggregate, Valeant has now reduced its debt by more than $4.3 billion since the end of the first quarter of 2016, according to the company.

The company continues to reiterate its expectation to pay down $5 billion in debt from divestiture proceeds and free cash flow within 18 months of August 2016.

Source: Valeant