Valeant Pharmaceuticals International Inc.'s talks to sell a stomach-drug business to Japan's Takeda Pharmaceutical Co. for roughly $10 billion have broken down amid last-minute disagreements over price and other matters, according to people familiar with the matter.
Though the talks could still be revived, Valeant is now focused on building the business, Salix Pharmaceuticals, rather than selling it, the people said.
The development represents another setback for a company that's been plagued by an accounting scandal, the departure of its top executives and a plummeting share price. As ofTuesday's close, Valeant shares had fallen 80% in the past year.
Valeant shares were down 7% to $15.96 in early trading on Wednesday.
Valeant is now moving ahead with plans to build the sales force for Salix's crown jewel, the Xifaxan irritable-bowel drug. Valeant announced the "significant" expansion in a news release Tuesday.
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(END) Dow Jones Newswires
November 30, 2016 10:45 ET (15:45 GMT)
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