Valeant Pharmaceuticals arrive at a slippery slope as they are battered by scandals, lawsuits, and debts that one can only hope to climb out of. It didn't take much for them to decide to ultimately decide to sell acquisitions they bought over the years to stay afloat.

According to The New Yorker, Valeant's downfall started when CEO Michael Pearson arrived. Pearson scrapped the traditional approach of investing into research and development, and instead suggested to buy companies that already have existing products in the market and eventually, reduce costs while increasing prices. The New Yorker further dubbed Valeant as a "serial acquirer" while trying to regain the money used for acquisition by rendering almost half of the workforce jobless.

From then on, Valeant became more of a roll-up than a pharmaceutical company. It only grew through acquisitions and because it is preceded by its reputation, it then falls eventually. Pearson's strategy arrived at its breaking point, with the company now known for the scandals it is in, The New Yorker adds.

As a matter of fact, the company is being sued by Sprout Pharmaceuticals in a deal where Valeant was supposed to "adequately market" and commercialize Addyi, a female libido pill. The complaint mentioned that return of investment may not be at all possible if this continues, the Financial Post reports.

Joseph Papa, the new Valeant CEO, has his hands full with the legal lawsuits as well as keeping the company profitable. This is the reason why he is eager to sell past acquisitions made by the company to balance out debts and expenses.

One angle Valeant is looking at is the sale of its eye surgery equipment business, which the company was able to acquire after the purchase of Bausch & Lomb. The sale could amount to $2.5 billion as per people in-the-know estimates, as reported by the Wall Street Journal.

As per Reuters, another option Papa is looking at is to sell its Salix stomach-drug business. Apparently, Japan's Takeda Pharmaceutical is one of the companies showing interest in the purchase of the said business. If successful, it could get Valeant around $10 billion, which could help it with the current financial woes it is facing.

With the events occurring, it may not have been wise to continue acquiring other businesses without enriching Valeant's core. Unfortunately for Papa, he has to turn it around if the company is to remain in existence.