Valeant Pharma (VRX) Said 'Very Close' on One or More Asset Sales
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Valeant Pharma (NYSE: VRX) is "very close" to announcing one or more asset sales and news could come before or with earnings on November 8th, according to a source.
Potential assets sales include Relistor, Australian unit Inova, dermatology units Obagi Medical and Solta, Provenge, Egyptian unit Amoun Pharma, and/or its Latin American operations.
The company's Bausch + Lomb unit, thought to be a sacred cow, was also put in play after CEO Joe Papa said in September it too could be sold.
Increased government scrutiny on pricing has been a sticking point in several of the sales, the source said.
The asset sales are a long time in the making and come as the company has been seeking to reduce complexity and lower its debt burden amid a sagging stock price and worries about liquidity.
Valeant is working with Goldman Sachs on the sale of several of the assets. Morgan Stanley is said to be assisting on other assets, including dermatology.
Valeant declined to comment.
Shares of Valeant are up 3.7% today.
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