Bausch ‘excited’ about eye health business ahead of IPO
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As Bausch Health approaches planned initial public offerings, the company is looking forward to the opportunity to grow its eye health business.
“It’s the eye health company that we believe will have the most integrated portfolio out there in the marketplace, in the sense that it’s a company that has the vision care contact lens business, a surgical business, a consumer business and a pharmaceutical business,” Joseph C. Papa, chairman and CEO of Bausch Health, said in a presentation at the J.P. Morgan Healthcare Conference. “It’s got a great brand out there. What we are most excited about, in terms of timing for the IPO, is the opportunity to launch these new products that have been part of the investment Bausch Health has made in getting us ready for this.”
Papa cited products such as Infuse daily disposable silicone hydrogel contact lenses and NOV03 dry eye treatment as reasons to be excited about the future of Bausch + Lomb.
Papa said the current market for silicone hydrogel lenses is about $1 billion but could grow to as much $3 billion in the future. The company expects to expand the Infuse lens to additional countries as it gains more approvals.
“We’ve said publicly before that we expect the Infuse product to be over a $250 million product for us,” he said. “We’re really excited about what we see with Infuse going forward.”
Papa said the timing of the IPO is lining up with new products, including Xipere (triamcinolone acetonide injectable suspension). Bausch + Lomb is preparing to launch Xipere after it received FDA approval in October for suprachoroidal use in the treatment of macular edema associated with uveitis.
The dry eye space, including NOV03, is also promising, according to Papa.
“We have now completed two phase 3 clinical trials that show statistically significant improvements in both the signs and symptoms of dry eye disease associated with meibomian gland dysfunction,” he said. “That’s clearly something that we’re excited about. Obviously, we have to wait for FDA approval, but we know it works.”
Bausch Health announced the spinoff of Bausch + Lomb as an independent eye care company in August 2020. Bausch Health is also working toward an IPO for Solta, its medical aesthetics company.
“We are prepared to move forward with either Bausch + Lomb or the Solta IPO quickly when the market conditions are right for each of them,” Papa said.
Bausch + Lomb reported on Jan. 13 that it filed a registration statement on form S-1 with the U.S. Securities and Exchange Commission and “a preliminary base post-receipt pricing procedure prospectus with the securities regulatory authorities” in each province and territory in Canada except Quebec, according to a press release. The company has not disclosed the number of common shares to be offered or the price range
Editor’s note: On Jan. 25, 2022, this story was updated to reflect Bausch + Lomb’s moves regarding an initial public offering.
Reference:
Bausch + Lomb Corporation files registration statement and preliminary prospectus for proposed initial public offering. https://www.bauschhealth.com/news-room/news-releases/news-details/202201131627pr_news_uspr_____ny31066. Published Jan. 13, 2022. Accessed Jan. 24, 2022.
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