Piper Jaffray analyst David Amsellem noted the report claiming that Valeant (VRX) previously rejected a takeover offer from Takeda (TKPYY) and TPG prior to appointing Joe Papa as CEO, but said he finds it "difficult to fathom" why a buyer would have interest in the entire asset portfolio, since he believes the value of its segments to be "meaningfully" below the company's $31B in total debt outstanding. Amsellem, who thinks there would be significant strategic interest in Valeant's gastroenterology assets, believes that any strategic activity will come in the form of asset sales or a breakup of the company. The firm keeps an Underweight rating on Valeant shares.