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Valeant shares jump more than 30% on divestiture talks

Shares of Valeant Pharmaceuticals International Inc. jumped Tuesday on a report that the pharma company was in talks to divest its stomach-drug business that it acquired less than two years ago.

Just before Tuesday’s close, Valeant VRX, +33.74% shares jumped from the mid-$18 range to close up nearly 34% at $23.46, following a Wall Street Journal report that the company is in advanced talks to sell assets it acquired in a March 2015 purchase of Salix Pharmaceuticals Ltd. to Takeda Pharmaceutical Co. 4502, +0.19% After hours, Valeant shares slid 2.9% to $23.18.

Such a deal could bring in about $10 billion to Valeant in the form of $8.5 billion in cash along with future royalty payments, according to the Journal.

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