Valeant Launches Lumify OTC Eye Drops With Vision Of Better Days As Bausch
This article was originally published in The Pink Sheet & The Rose Sheet
Lumify eye drops, the first OTC brimonidine tartrate ophthalmic solution 0.025% in the US, will reach stores in late May. Corporate name change, says CEO Joseph Papa, shows Valeant is "beginning to turn the page away from legacy issues that have been headwinds over the past few years."
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Approval of Alaway Preservative Free (ketotifen fumarate, 0.035) comes 15 months after FDA submitted a complete response letter to Bausch and the active ingredient developer, Eton Pharmaceuticals.
“The spin-off will establish two separate companies, a fully integrated, pure play, eye health company built on the iconic Bausch Health brand and a long history of innovation, and an international diversified pharmaceutical company with leading physicians in gastroenterology, dermatology, aesthetics, neurology and an international pharma business,” says CEO Joseph Papa.
CEO Joseph Papa says firm isn’t valued equal to sum of its parts. "If some of the parts don't seem to make sense or don't seem to be capturing the full value of a business,” Bausch “will look at all the alternatives for looking at things like spin-offs of parts of the business,” he says.