Valeant considering sale of Egyptian drugmaker Amoun: sources

Quebec-based Valeant Pharmaceuticals International Inc is considering the sale of Egyptian drugmaker Amoun Pharmaceutical Co to accelerate its debt-reduction plan, people with knowledge of the matter told Bloomberg on

Valeant is working with Goldman Sachs Group on the sale, which is at a preliminary stage, according to the report. It is also weighing a sale of some of its Latin American operations, Bloomberg reported.

Valeant bought Amoun for about $800 million last year.

Amoun is the largest domestic drugmaker in Egypt, Valeant said last year when it announced the purchase. The company offers both veterinary and human medicines in the region and sells antibiotics, anti-diarrheals and drugs that fight high blood pressure, among other products.

Valeant, which earlier in the week reported lower-than-expected first quarter profit, could not be immediately be reached for comment.

The Canadian company has said that it is aiming to lower its almost $30 billion debt.

Source: Reuters