Valeant Pharmaceuticals International Inc. fell as much as 10 percent Wednesday after The Wall Street Journal reported that the Canadian drugmaker had reached an impasse talks to sell its stomach-medicine business.
The talks might be revived, but Valeant is now focused on building the business, Salix Pharmaceuticals, rather than selling it, according to unnamed sources cited by the newspaper.
Valeant, whose stock has fallen 93 percent from a 2015 high, was in talks to sell the unit to Japan’s Takeda Pharmaceutical Co. for roughly $10 billion. Disagreements over price contributed to the breakdown in negotiations, sources told the WSJ.
Valeant is in the process of trying to sell several businesses that it acquired while taking on about $30 billion in debt. The company has been beleaguered by falling profits, an accounting scandal and the departure of top executives.
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