ALISO VIEJO, Calif. (AP) -- Drug maker Valeant Pharmaceuticals Inc. said Friday it completed the sale of its Eastern and Western European businesses to Meda AB of Sweden.
Valeant agreed to sell most of its operations in Europe on Aug. 4, for $425 million in cash. The company did not sell its Central European business, which consist of operations in Poland, Hungary, Slovakia and the Czech Republic.
In February, Valeant Chief Executive J. Michael Pearson said the company was operating in too many countries. Its Asia Pacific businesses were sold four days later, and in May, Valeant eliminated almost half its work force. The company also plans to sell its African and Middle Eastern subsidiaries to reduce costs.
The company divested its Argentina business in June.