|Real-time Estimate - 05/13 02:34:36 pm|
Bausch Health : REFILE-UPDATE 1-Drugmaker Bausch to sell stake in Egypt's Amoun Pharma for $740 mln
|03/31/2021 | 08:59am|
March 31 (Reuters) - 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. https://reut.rs/3m8kbvd
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.
(Reporting by Manojna Maddipatla in Bengaluru; Editing by Rashmi Aich)