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Valeant Sells Hungary Operations

Costa Mesa-based Valeant Pharmaceuticals International said Wednesday it sold off its operations in Hungary in what it called the “final piece” of a three-year refocusing of the company.

India’s Sun Pharmaceutical Industries Ltd. bought Valeant’s Hungary operations for undisclosed terms. Sun is looking to target the European generic drug market with the buy of raw materials and dosage form manufacturing operations.

The move marks another turning point for Valeant, formerly ICN Pharmaceuticals Inc.

In 2002, a group of dissident investors forced the ouster of ICN founder and former chief executive Milan Panic.

Panic’s influence on what then was ICN was great. The Serbian native expanded in Eastern Europe and played a dominant role in other company decisions.

Valeant’s management, led by Chief Executive Tim Tyson, has spent the past few years streamlining the company, selling off far-flung operations and focusing on the U.S. and other key markets.

“The sale of Hungary represents the final piece of our planned divestiture of non-core operations,” Tyson said in a statement.

The Hungary business, known as ICN Company Hungary Ltd., had been accounted for as a discontinued operation earlier this year, according to Valeant.

The company said it expects to be down to four key manufacturing sites by the end of next year.

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