Canadian drugmaker Bausch Health Companies Inc said on Wednesday it would sell all its stake in Egypt’s Amoun Pharmaceutical Co SAE to Abu Dhabi-based ADQ for about $740 million, as the company looks to reduce its debt.
Bausch has been shedding non-core assets to pay down debt and last year announced plans to spin off its eye care unit Bausch + Lomb into a separate company
Valeant had purchased Amoun for about $800 million in 2015 to expand into the Middle East and North African pharmaceuticals market.
Goldman Sachs & Co LLC and Morgan Stanley & Co LLC served as financial advisors to Bausch for the transaction.
Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening. Sign up today.