Bausch+Lomb

History

2023: $2.5 billion purchase of Novartis eye drop business

On June 30, 2023, Novartis announced an agreement to sell ophthalmic assets to Bausch + Lomb. The total amount of the transaction is $2.5 billion, including $1.75 billion in advance, as well as additional phased payments. Read more here.

2022: $630 million investment in IPO

In early May 2022, the Canadian contact lens manufacturer Bausch + Lomb went public. On the first day of trading, the company's shares rose 11% in price in opening trading after the price of the initial public offering was below the expected range. Thanks to the IPO, the company earned $630 million.

As Bloomberg notes, Bausch + Lomb - the first of two companies created by Bausch Health Cos., was seen as a test of whether a stable, profitable business can help overcome resistance for dozens of companies waiting to go public.

Investment in IPO of $630 million

Shares of the contact lens and eye care company opened trading on May 6, 2022 at $18.50 after selling for $18 during the IPO. At the auction in New York, they closed at $20, which gives the company a market value of $7 billion.

Bausch Health will receive proceeds from the IPO as a selling shareholder, according to documents, on the to data Securities and Exchange Commission. USA Bausch Health planned to raise up to $840 million at the upper end of the $21 to $24 price range.

As a result of the chapter, Joseph Pappa moved from the post of CEO of Bausch Health to the post of CEO and Chairman of the Board of Directors of Bausch + Lomb. According to the statement, Thomas Appio took his place as head of Bausch Health. Pappa will remain chairman of Bausch Health.

The IPO was supported by investment banks Morgan Stanley and Goldman Sachs Group. The company's shares are traded on the New York Stock Exchange under the symbol BLCO. Bausch + Lomb also trades on the Toronto Stock Exchange under the same ticker symbol.

Bausch + Lomb, which began as an optical goods store in 1853, was bought by Bausch Health - then known as Valeant Pharmaceuticals International Inc - for $8.7 billion in 2013 from a group of investors that included Warburg Pincus.

In an effort to raise money to pay off tens of billions in debt left over from then, Bausch Health also plans to spin off its skin care products division, Solta Medical. As of December 31, 2021, the total debt of Bausch Health, which retains its main pharmaceutical operations, was about $23 billion.^[1]

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