Bausch Investors Initially Pessimistic Following B+L Spinout
Bausch Health Drops 27% Following Q1 Earnings Call
With its IPO of Bausch + Lomb bringing in $630m in proceeds, Bausch Health is moving forward with its plan to use the eye care unit’s separation to pay down its remaining debt.
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Public Company Edition: The stock market has been unkind to biotech firms but investors rewarded some drug developers for clinical trial successes, including Scholar Rock and Day One, which raised $205m and $172.5m, respectively. However, some SPAC deals and an IPO never got off the ground.
Public Company Edition: Bausch remains the majority shareholder, but B+L is a separate operating company. Also, Rezolute raises $130m in dual financings and BridgeBio outlines job cuts and will out-license assets to conserve cash.
During Bausch Health’s first quarter earnings call, CEO Papa said he’ll lead Bausch + Lomb following the corporate split. Overall the company reported flat revenues, but said its pandemic rebound is ongoing.