By Dean Seal
Bausch Health said a potential sale of its subsidiary Bausch + Lomb is still on the table following a report that one suitor might back out of a joint bid to acquire the eye-health company.
The Canadian pharmaceutical company said Thursday that it was confirming the potential sale process at the behest of Canadian regulators in light of recent stock volatility related to market rumors.
Bausch seemed to be referencing a report from the Financial Times on Wednesday that Blackstone was balking at the high price being sought for Bausch + Lomb. It previously teamed up with investor TPG to explore a bid for the subsidiary company, of which Bausch owns 88%.
Bausch said it still believes a full separation of the subsidiary "makes strategic sense" and that a potential sale is one of several options being considered.
"No decision has been reached to proceed with any particular transaction, and there can be no assurance that it will result in a transaction," the company said.
In October, Bausch rejected debt-restructuring proposals from bondholders aimed at staving off bankruptcy and pivoted to exploring a sale of its Bausch + Lomb stake that could pay off creditors and reward shareholders, according to a report from The Wall Street Journal.
Bausch faces more than $11 billion in debt maturities by 2028. Around that time, it will lose its patent on the gastrointestinal drug Xifaxan.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
December 12, 2024 08:05 ET (13:05 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。