Valeant Exploring Sale of Eye Surgery Equipment Business
New reports reveal that Valeant is exploring a sale of its eye surgery equipment business – part of its Bausch + Lomb franchise – in an effort to pay down debt.
The Wall Street Journal, citing people familiar with the matter, reported that it eye surgery equipment business could fetch as much as $2.5 billion in a sale. The report did not mention a potential suitor for the business. The sales process is in an early stage and Valeant may still decide not to sell the business, some of the people said.
Valeant is not interested in giving up the contact lenses, solutions and prescription eye drugs business of Bausch + Lomb, according the WSJ report.
Valeant acquired Bausch + Lomb from private equity firm Warburg Pincus LLC in 2013 in a deal worth $8.7 billion.
The Wall Street Journal also reported this week that Valeant is in advanced talks to sell its Salix Pharmaceuticals stomach-drug business to Japan’s Takeda Pharmaceutical for about $10 billion, including $8.5 billion in cash and the rest in royalties. Valeant acquired Salix last year for $14.5 billion.
In a statement in response to the reports, Valeant said, “We are currently in discussions with third parties for various divestitures including but not limited to Salix. The discussions may or may not lead to a definitive agreement. Valeant does not intend to comment further on market speculation or disclose any developments unless and until it otherwise deems further disclosure is appropriate or required.”
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