Bausch + Lomb Shares Down on Report That Potential Buyer May Back Out

Dow Jones12-12

By Adriano Marchese

Shares of Bausch Health and subsidiary Bausch + Lomb fell sharply Wednesday after a report by the Financial Times suggested that Blackstone might back out of a joint bid to acquire the eye-health business.

Shares of parent company Bausch Health traded 8.8% lower at 10.76 Canadian dollars ($7.59), while Bausch + Lomb shares fell 14% to C$25.11.

According to unidentified sources, the private-equity firm teamed up with investor TPG to explore a bid for Bausch + Lomb in October but Blackstone had subsequently balked at the high price the seller was expected.

Bausch + Lomb makes a variety of eye-related products including contact lenses, ophthalmic pharmaceuticals and ophthalmic surgical devices.

Earlier in October, Bausch Health rejected debt-restructuring proposals from bondholders, pivoting instead on exploring a sale of its 88% stake in Bausch + Lomb worth potentially billions of dollars which it could use to pay creditors and reward shareholders, The Wall Street Journal had reported.

Solvency is a concern for Bausch Health as it faces more than $11 billion in debt maturities by 2028, around the time it will lose its patent on Xifaxan, a key gastrointestinal drug.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

December 11, 2024 12:32 ET (17:32 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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