Bausch + Lomb files to go public
Bausch + Lomb has filed for an initial public offering, which will see the company that got its start in Rochester in 1853 go public, but still be majority-owned by Canada-based Bausch Health Companies.
The filing on Thursday comes almost a year-and-a-half since Bausch Health said that it planned to spin-off the eye health business into a separate, publicly traded company. When the IPO is completed, Bausch Health will remain a majority owner of the new public company.
In its filing, Bausch Health said that it plans to sell up to $100 million worth of shares, but that is a placeholder figure that often changes.
The company plans to list its shares on the New York Stock Exchange and the Toronto Stock Exchange under the symbol BLCO.
In December, B + L announced the completion of a big expansion project in Rochester, including a new building at their facility off North Goodman Street in Rochester, as part of the manufacturing for the company’s Ultra One Day daily disposable lens, also known as Bausch + Lomb infuse.
At that time, company president Joe Gordon told WXXI News that Bausch + Lomb had hired about 100 workers as part of that expansion, and potentially could hire more in the future.
When asked about the pending spinoff of B + L, Gordon told us that Bausch is still committed to the Rochester area. The company employs nearly 1,200 people in Rochester.
As the Wall Street Journal notes, Bausch Health said in 2020 that it planned a spin-off of the fast-growing eye-care business from its core pharmaceutical operations.
Bausch Health was previously known as Valeant Pharmaceuticals, which purchased Bausch + Lomb from private equity firm Warburg Pincus in 2013.