Bausch CEO Papa Will Head Eye Health Biz Under Strategic Review
Bausch Health CEO Joseph Papa will move over to head separate Bausch + Lomb pure-play eye health business and is preparing a team for either a spin-off or initial public offering of the unit in the third quarter, the executive said during a first quarter earning call 4 May. Papa said a sale of the division, which includes consumer health eye drops and dietary supplements, is also possible.
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Joseph Papa steps down as chair and will remain at helm and on board until successor appointed. Guggenheim analysts reported representatives on B+L board for activist investor Carl Icahn appointed a month ago likely led to Papa’s exit.
Bausch Health shopped Bausch + Lomb IPO at share price between $21 and $24. In trading of nearly 14.4m shares on New York exchange, Bausch + Lomb’s share price stayed above opening $18.50 and reached $20.07 before closing at $20, up 11.11%.
Perrigo intends to use net proceeds from $500m private offering along with cash on hand and funds from previous credit facilities to finance acquisition of HRA Pharma. Bausch Health reduces debt by $200m as it prepares to target proceeds from planned Bausch + Lomb IPO also to paying down debt.