Allergan has completed its strategic review and will sell its women's health and infectious disease businesses, sources told CNBC.

The drugmaker announced the review earlier this year, but Brent Saunders, its chief executive, has said he was opposed to fundamental changes to its business strategy. Still, the review considered options such as splitting up the company, selling assets, making acquisitions and using capital to buy back shares.

Saunders is scheduled to make a presentation at the Bernstein Strategic Decisions investor conference in New York on Wednesday morning.

Allergan, the maker of Botox, is trying to right itself after a difficult year. Its shares are down 32 percent over the last 12 months and fell nearly 2 percent in trading on Tuesday. They dropped more than 1 percent in early trading Wednesday.

The sale of the units would allow Allergan to refocus on four key areas, including medical aesthetics and dermatology, eye care, central nervous system and gastrointestinal. Proceeds from the sales could be used to pay down debt and buy back shares.

A recent note from Cowen analysts valued the women's health business at $4 billion and the infectious disease business at $2 billion. The units could attract private equity buyers, previous reports have said.

David Tepper's Appaloosa Management recently got Federal Trade Commission approval to take an activist stance using his 3.7 million shares of Allergan.

— CNBC's Liz Moyer contributed reporting.