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The headquarters of Bausch Health Solutions stands in Laval, Que., on Feb. 20, 2019.Ryan Remiorz/The Canadian Press

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.

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