Laval, Canada-based Valeant Pharmaceuticals will hold onto its gastrointestinal division, Salix, after talks fell apart with Japan's Takeda Pharmaceuticals, Bloomberg reports.
Here's what you should know.
1. Valeant was seeking to sell Salix for $10 billion, but quibbles over the price led to the deal's ultimate demise.
2. Valeant could still sell the unit in the future. Neither Valeant nor Takeda commented on the deal to Bloomberg.
3. On the news, Valeant shares dropped 8 percent to $15.79. Takeda shares rose .3 percent to 4,701 yen.
4. Valeant has $30 billion in debt it has to pay down.
5. Valeant acquired Salix in 2015 for $11.1 billion.
6. Valeant announced on Nov. 29, 2016 that it would boost its sales force for two Salix products, Xifaxan and Relistor.
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