Valeant Pharmaceuticals International Inc (VRX.TO, VRX.N) will sell billions of dollars of non-core assets and could accept offers for its main businesses, its chief executive said on Tuesday, as the drugmaker worked to restore investor trust after a year of bad news.

Valeant’s U.S. shares shot up 19 per cent, touching a two-month high, after it outlined its reorganization and sell-off plan, and also confirmed full-year forecasts. Even so, the stock is down 90 per cent from a year ago.