Shares of Valeant Pharmaceuticals Intl Inc (NYSE:VRX) tick higher in pre-market trading Monday, after the healthcare firm announced that it has used the net proceeds from the sale of Dendreon Pharmaceuticals 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.

“We are continuing to deliver on our commitments as we transform Valeant. With the proceeds from the sale of Dendreon, we have reduced our total debt by an additional $811 million and met all mandatory amortization requirements through 2019,” said Joseph C. Papa, chairman and CEO, Valeant. 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.

On the ratings front, Valeant has been the subject of a number of recent research reports. In a report issued on June 29, Stifel analyst Annabel Samimy reiterated a Buy rating on VRX, with a price target of $35, which implies an upside of 116% from current levels. Separately, on June 28, Cantor’s Louise Chen reiterated a Buy rating on the stock and has a price target of $23.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Annabel Samimy and Louise Chen have a yearly average return of 11.1% and a loss of 12.3% respectively. Samimy has a success rate of 50% and is ranked #534 out of 4594 analysts, while Chen has a success rate of 38% and is ranked #4485.

Sentiment on the street is mostly neutral on VRX stock. Out of 15 analysts who cover the stock, 9 suggest a Hold rating, 3 suggest a Sell and 3 recommend to Buy the stock. The 12-month average price target assigned to the stock is $19.00, which represents a potential upside of 17% from where the stock is currently trading.

Valeant Pharmaceuticals International, Inc. engages in the development, manufacture, and market of a broad range of pharmaceutical products in the areas of dermatology, gastrointestinal disorders, eye health, neurology and branded generics. It operates through the following segments: The Bausch + Lomb/International, The Branded Rx, and The U.S. Diversified products. The Bausch + Lomb/International segment is consist of the sale of pharmaceutical products, over-the-counter products, and medical devices products. The Branded Rx segment is comprised of pharmaceutical products related to the Salix product portfolio; dermatological product portfolio; branded pharmaceutical products, branded generic pharmaceutical products; over-the-counter products; medical device products; Bausch + Lomb products sold in Canada; and the oncology, dentistry, and health products for women. The U.S. Diversified Products segment is the sales in the U.S. of pharmaceutical products, over-the-counter products, and medical device products in the areas of neurology and certain other therapeutics classes, including aesthetics and generic products in the U.S.