Bausch Health Lubricates Bausch + Lomb's Pending Separation With Hydration Eye Drops Launch
Biotrue Hydration Boost contains glyercrin, available in the US as an ophthalmic remedy under an FDA OTC monograph. Launch is latest addition to Baush + Lomb consumer portfolio as Bausch Health prepares to make it a standalone firm.
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Bausch Health says it’s continuing a recovery from the disaster previous management left, when the firm operated as Valeant Pharmaceuticals, even though it reported a $595m net loss for Q2. “We've been trying to solve this debt issue for the company,” says CEO Joseph Papa.
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.
Executives say Bausch + Lomb spin-out preparations will be completed by the end of Q3. When asked, they elaborated on Carl Icahn’s acquisition of 27.8m shares, for a 7.8% stake, and expansion of the firm’s board by two seats for Icahn’s representatives.