August 10, 2018 / 12:33 PM / in 8 days

BUZZ-Aralez plans to sell all assets, wind down operations; shares crash

** Canadian drugmaker’s shares plummet nearly 80 pct to trade at $0.07 - top decliner across U.S. exchanges premarket

** Co says it plans to sell its main operating businesses in separate deals for a total $250 mln and intends to wind down operations following the sale of all its assets

** Intends to sell royalties from arthritis pain reliever Vimovo, Canadian operations to Nuvo Pharmaceuticals Inc in a $110 million deal, and sell its chest pain drug, Toprol, to its secured lender in a $140 million deal

** Co says also engaged in efforts to sell assets not being sold in either of the proposed deals

** Says its units have elected to file for Chapter 11 bankruptcy

** Stock had fallen about 78 pct since May 7, a day before co expressed going concerns doubts (Reporting by Manas Mishra in Bengaluru)

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