Valeant Pharmaceticals International is looking to sell its stomach drug unit, Salix Pharmaceuticals, to pay off company debt, reports Reuters.
The Canadian drugmaker is reportedly in talks with several companies about selling Salix, which develops treatments for stomach conditions like irritable bowel syndrome and diarrhea. Valeant acquired the company last year for $14.5 billion.
An industry source told Reuters Takeda Pharmaceutical Co. expressed interested in purchasing the business. A successful deal with the Japanese drugmaker could raise as much as $10 million for Valeant, which has a market value of $6 billion and holds about $30 million in total debt, according to the report. If the deal closes, Valeant would likely use the funds to pay off about $12 million in bank loans.
More articles on supply chain:
Alabama pipeline explosion sends gas, diesel prices soaring: 6 things to know
Tyto Care's digital stethoscope earns green light from FDA
Wal-Mart tests giant vending machine for in-store pickups from online orders