B+L’s parent company, Bausch Health, is splitting up into three stand-alone firms.
Bausch+Lomb has come one step closer to becoming an independent company.
Laval, Quebec-based Bausch Health Companies transferred common shares in an amount equal to about 38.6% of the issued and outstanding shares of B+L Corporation to an existing unrestricted subsidiary of the company.
Common shares in an amount equal to about 50.1% of B+L continue to be held by a restricted subsidiary of the company, and Bausch + Lomb itself remains a restricted subsidiary of the company. The company, through its subsidiaries, continues to hold the same number of shares of Bausch + Lomb as it did before the internal transfer, which in the aggregate comprises approximately 88.7% of the issued and outstanding shares of Bausch + Lomb.
The internal transfer is consistent with the company’s commitment to the separation of B+L and provides the company with strategic flexibility while it evaluates all relevant factors and considerations relating to the separation of B+L.
The stage for B+L to become a separate company was set, earlier this year, when the eyecare company filed for an IPO. Going public was part of a larger plan that would create three separate companies from Bausch Health. In addition to B+L, the remaining companies would include Solta Medical Aesthetics, and Bausch Pharma Global.
Bausch Health isn’t the only company to break down into smaller parts. One of the most recent examples is 3M. Late last month, the St. Paul, MN-based company said it was splitting off its healthcare unit into a publicly traded business. The spin-off is expected to be complete by the end of 2023 and the company would focus on wound care, healthcare IT, oral care, and biopharma filtration.
3M is also facing nearly 290,000 complaints regarding earplugs developed its Aearo Technologies subsidiary.