As I wrote before: Valeant is currently trading considerably under its liquidation value of 50 USD per share.
A reasonable strategy for companies with different business units trading below its intrinsic value is to spin-off one or even more lines of business.
Most suitable in the case of Valeant is the Bausch+Lomb business unit, which should have a stand-alone value of 20 bn USD, about 4 to 5 times of Valeant's current market value!
However, I think Valeant should only spin-off parts of its 100% Bausch+Lomb shares in order to unlock the hidden value of this great company.
The advantage of a spin-off rather than a sale of Bausch + Lomb is that it can be managed tax free for the company and its shareholders.
Valeant can thereby considerably reduce its debt, lets quote Investopedia again on this topic:
"A company doing a spinoff can usually structure the spinoff to receive tax-free cash from the subsidiary company or effectively transfer debt to the subsidiary. The financial gain is tax-free as long as it is either used to repay the parent company's creditors or distributed to the parent company's stockholders."
Disclosure: I am/we are long VRX.