LAVAL, Que. — Bausch Health Companies Inc. has signed a deal to sell its interest in Amoun Pharmaceutical Company SAE to Abu-Dhabi-based holding company ADQ for US$740 million.

Amoun is one of the largest pharmaceutical companies in Egypt.

The company manufactures, markets and distributes drugs for people and animals.

The deal is expected to close in the first half of 2021, subject to customary closing conditions, including regulatory approvals.

Under the agreement, cash generated by Amoun from Jan. 1 to the closing of the deal will accrue to the buyer and is not expected to be part of Bausch Health's results.

Bausch Health chairman and CEO Joseph Papa says the sale marks significant progress in the company's efforts to reduce debt.

This report by The Canadian Press was first published March 31, 2021.

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