Valeant Pharmaceuticals is said to be considering the sale of Egyptian drugmaker Amoun Pharmaceutical Co. in order to reduce debt.
Last July, Valeant agreed to acquire Amoun’s holding company Mercury Holdings for about $800 million, plus some contingent payments. Amoun is the largest domestic company in the Egyptian pharmaceutical market, marketing leading pharmaceutical brands in therapeutic areas such as anti-hypertensives, broad spectrum antibiotics and anti-diarrhea meds.
Valeant continues to sell non-core assets to reduce its $31 billion debt load.
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