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Takeda Pharmaceutical Co. is considering a sale of assets from its over-the-counter business in Europe, as the drugmaker pursues ways to cut debt after its $62 billion takeover of Shire PLC, people familiar with the matter said.

The company is working with advisers at JPMorgan Chase & Co. as it evaluates its options, according to the people, who asked not to be identified because the information is private. A sale process may kick off next year and could value the assets at about €1 billion ($1.1 billion), the people said.

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