Bausch & Lomb files for IPO, parent Bausch Health to remain majority owner

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Bausch & Lomb Corp. has filed for an initial public offering, according to a filing late Thursday. The Bausch Health Cos. Inc. BHC, -2.16% subsidiary seeks to sell up to $100 million worth of shares, although that’s often a placeholder amount used to calculate filing fees. Bausch Health said in August 2020 it planned to spin off Bausch & Lomb, which mostly makes eye-health products. Bausch Health would remain majority owner of the new public company. Bausch & Lomb plans to list its shares on the New York Stock Exchange and the Toronto Stock Exchange under the symbol BLCO. Bausch & Lomb listed earnings of $131 million at the end of September, compared with $191 million at the end of September 2020. Sales rose to $2.8 billion in the nine months to Sept. 30, from $2.5 billion in the same period in 2020. Bausch Health changed its name from Valeant in 2018 following allegations of accounting improprieties and price gouging. . Bausch Health, then Valeant, bought the old Bausch + Lomb, which traded from December 1958 to October 2007 on the NYSE, in 2013.

Source: Marketwatch

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