NEW YORK (TheStreet) -- Shares of Valeant Pharmaceuticals (VRX) were down 10.81% to $21.28 on heavy trading volume late Wednesday afternoon as the Canadian drugmaker is in talks to sell its eye-surgery equipment business for as much as $2.5 billion, sources told the Wall Street Journal.
The Journal reported late yesterday that Valeant is also in talks to sell its Salix stomach-drug business for about $10 billion.
Valeant is looking to sell assets as it contends with roughly $30 billion in debt, though the company previously indicated that it would not sell any core businesses.
Additionally, Valeant is being sued by former investors of Sprout Pharmaceuticals for allegedly failing to commercialize the company's female libido drug Addyi.
Valeant acquired Sprout for $1 billion last August.
About 45.34 million shares of Valeant have been traded so far today, well above the company's average trading volume of roughly 15 million shares a day.
Separately, TheStreet Ratings team rates the stock as a "sell" with a ratings score of D.
Valeant's weaknesses include its deteriorating net income, generally high debt management risk, disappointing return on equity, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
You can view the full analysis from the report here: VRX
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.