It looks like a key Valeant deal might be falling apart, and now the stock is tanking

Valeant's stock is tanking after Dow Jones reported that talks to sell its Salix unit to Takeda have broken down.

Valeant's stock fell as much as 6% this morning.

The embattled pharma company had been in talks to sell the unit to Japan's Takeda for $10 billion.

The stock jumped up the stock 30% on the news.

This is a developing story. More to follow.