Drugmaker Bausch to sell stake in Egypt's Amoun Pharma for $740 million

(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.

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.

(This story corrects typo in headline)

Reporting by Manojna Maddipatla in Bengaluru; Editing by Rashmi Aich