CHICAGO, ILLINOIS – MAY 05: Bausch + Lomb eye vitamins are offered for sale at a drug store on May 05, 2022 in Chicago, Illinois. Bausch + Lomb parent company Bausch Health is spinning off the eye-care company with an upcoming IPO which will list on the New York Stock Exchange and TSX with the ticker symbol “BLCO”. (Photo by Scott Olson/Getty Images)
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Bausch Health, formerly known as Valeant Pharmaceuticals, is a multinational specialty pharmaceutical company with global headquarters in Canada. It serves various therapeutic areas, including dermatology, gastroenterology, neurology and ophthalmology.
The company operates through five main business segments — Bausch + Lomb, Salix Pharmaceuticals, International Rx, Solta Medical and Diversified Products. Bausch Health remains a significant player in the health-care sector, particularly due to the strength of its Bausch + Lomb division in eye care.
Activist investor Carl Icahn filed a 13D with the U.S. Securities and Exchange Commission on Bausch Health on Feb. 11, 2021, stating that he intended to engage in discussions with the company’s management and board, regarding ways to enhance shareholder value. Those steps include the company’s strategic review, which was ongoing at the time, as well as possible board representation. Later that month, Icahn and the company entered into a director appointment and nomination agreement, pursuant to which the company agreed to increase the size of the board to 13 directors from 11 and appoint Icahn portfolio managers Brett Icahn and Steven Miller as directors.
In May 2022, Bausch + Lomb (BLCO) was spun off as a separate publicly traded entity, but it continues to be a core part of Bausch Health’s business through its retained 88% ownership. At that time, former Icahn portfolio manager Richard Mulligan was added to Bausch Health’s board. In June 2022, John Paulson was named chair, after previously serving on the board from June 2017 through May 2022. The board is presently comprised of 10 directors and includes Brett Icahn, Steven Miller and Richard Mulligan with John Paulson as non-executive chair.
Bausch + Lomb’s 2024 performance
This past weekend, the Financial Times reported that BLCO retained Goldman Sachs to explore a sale of the company. BLCO presently has an enterprise value of roughly $10 billion, but this value is depressed by various factors including its control ownership by…
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