Valeant fails to sell Salix, sources reveal
Shares of Valeant Pharmaceuticals International Inc. tanked 7.07% to C$21.42 in Toronto at 4:13 p.m. CET, after sources quoted by Dow Jones Newswires and the Wall Street Journal said the Canadian company's talks with Takeda Pharmaceutical Co. of Japan collapsed. According to the people familiar with the matter, the sale of Salix Pharmaceuticals, a unit producing medicine for gastrointestinal disorders, failed due to disagreements over the price and other issues.
The troubled pharma manufacturer based in Laval, Quebec, may opt to strengthen the subsidiary, reports said and noted the proposed value before the talks broke down was in the range of $10 billion. Valeant acquired Salix last year.