Bausch + Lomb Second On Bausch Health IPO Card
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Canadian firm plans to separate Solta first, with an IPO in December or January, and at least 30 days later offer shares in Bausch + Lomb. Order of IPOs could change, though.
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“We are positioned to move forward with either the Bausch + Lomb or Solta IPO quickly when market conditions are right for each of them,” CEO Joseph Papa says at J.P. Morgan conference, but the firm’s “next step” in the process of separating the two businesses was filing with the SEC an IPO registration for Bausch + Lomb.
Paying down Bausch Health’s debt, incurred during previous management’s expansion-by-acquisition strategy when the firm operated as Valeant, has been a box to check from the start of preparing to separate Bausch + Lomb, says CEO Joseph Papa.
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.