Bausch + Lomb $630 million IPO
Davis Polk is advising Bausch Health Companies Inc. in connection with the separation of its eye health business into a new publicly traded company, Bausch + Lomb Corporation, and advised Bausch + Lomb and the selling shareholder in connection with its $630 million initial public offering of 35,000,000 common shares. The selling shareholder, a subsidiary of Bausch Health, received the net proceeds of the offering upon closing, which occurred on May 10, 2022. The common shares are listed on both the New York Stock Exchange and the Toronto Stock Exchange, in each case under the symbol “BLCO.” Following the IPO, Bausch Health expects to complete a tax-free distribution of at least 80.1% of the equity of Bausch + Lomb, subject to satisfaction of target leverage ratios and receipt of regulatory and other approvals.
Bausch Health is a global pharmaceutical and medical device company whose mission is to improve people’s lives with its healthcare products. It develops, manufactures and markets a range of pharmaceutical, medical device and over-the-counter products, primarily in the therapeutic areas of eye health, gastroenterology and dermatology. Bausch + Lomb, a leading global eye health business of Bausch Health, is dedicated to protecting and enhancing the gift of sight for millions of people around the world – from the moment of birth through every phase of life. Its comprehensive portfolio of more than 400 products includes contact lenses, lens care products, eye care products, ophthalmic pharmaceuticals, over-the-counter products and ophthalmic surgical devices and instruments.
The Davis Polk capital markets team includes partners Michael Kaplan and Marcel Fausten, counsel Stephen A. Byeff and associates Joanna Sedlak and Isabella Enoe Moreira. The finance team includes Partner Hilary Dengel. Partners Michael Mollerus and Patrick E. Sigmon are providing tax advice. Partner Travis Triano is providing executive compensation advice. Partner David R. Bauer is providing intellectual property advice. All members of the Davis Polk team are based in the New York office.