Bausch Health Continuing Process Toward Separating Bausch + Lomb

Bausch Health Companies announced it is moving toward separating Bausch + Lomb after transferring common shares in an amount equal to approximately 38.6% of the issued and outstanding shares of Bausch + Lomb to an existing wholly-owned unrestricted subsidiary of the company.

Common shares in an amount equal to approximately 50.1% of Bausch + Lomb continue to be held by a wholly-owned restricted subsidiary of the company, and Bausch + Lomb itself remains a restricted subsidiary of Bausch Health.

The transfer is consistent with the company's commitment to the separation of Bausch + Lomb and provides the Bausch Health with strategic flexibility while it evaluates all relevant factors and considerations relating to the separation of Bausch + Lomb. 

In May, Bausch + Lomb took a step forward on the path to an independent company focused on eye health when it launched as a publicly traded company. It began trading under the “BLCO” symbol on the New York Stock Exchange and Toronto Stock Exchange.

In July, Bausch + Lomb announced Joseph C. Papa had stepped down as chair of the Board of Directors and plans to step down as CEO. The board appointed Thomas W. Ross, Sr., to serve as the chair, and has begun a search for a new CEO. Mr. Papa will remain as CEO and as a member of the board until his successor is appointed.