Report: Valeant in Talks to Sell Bausch + Lomb's Surgical Business to Carl Zeiss
Valeant is in in talks to sell its Bausch & Lomb unit’s surgical products business to Carl Zeiss Meditec, according to a Bloomberg report, which cited people familiar with the matter. Valeant's eye surgery assets may be valued at about $2 billion in a sale, the report stated.
Talks are ongoing and a possible agreement may still be weeks away, said the people, who asked not to be identified because the discussions are private. Other bidders could still be interested in the business.
Carl Zeiss Meditec, the medical-device business of Carl Zeiss AG, has market value of 4.1 billion euros ($4.6 billion).
Representatives from both Valenat and Carl Zeiss Meditec would not comment on the report.
Valeant is divesting assets to cut some of its $28.9 billion in debt as Chief Executive Officer Joe Papa works to stabilize the company after 2 years plagued by disappointing sales of some of its key drugs and government probes into pricing, according to Bloomberg.
In November, the Wall Street Journal reported that Valeant was exploring a sale of its eye surgery equipment business in an effort to pay down debt, and that the 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. 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.
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