Bausch Health spinoffs will be ready 'in the next 30 days': CEO
BNN Bloomberg
Joe Papa could be just a few weeks away from realizing the fruits of a half-decade of labour.
Joe Papa could be just a few weeks away from realizing the fruits of a half-decade of labour.
In a Tuesday morning interview, the Bausch Health Companies Inc. CEO said the Montreal-based pharmaceutical giant “in the next 30 days, we will have the ability to go forward” with plans to split the company into three separate businesses. Noting he had been “working on this now for going back five years” to when he first took the reins of what was then known as Valeant Pharmaceuticals in 2016, Papa said “today, we stand at the threshold of being able to launch and separate into three companies.”
Having completed all the technical requirements as of Oct 1., Papa confirmed the plan is to begin by spinning off Solta Medical as an independent medical aesthetics business via an initial public offering on New York’s NASDAQ exchange.
Roughly one month later, the company’s eye health division will begin trading on the Toronto Stock Exchange under the Bausch + Lomb name, leaving the core pharmaceutical business to trade on the TSX as Bausch Pharma.
Despite having all the pieces in place as soon as next month, Papa said current market volatility could result in some delay.
“We are ready to go and we obviously want to do it with the appropriate market conditions, so we are going to keep ourselves ready and on the shelf so that we can pull ourselves off the shelf and go forward with it when those market conditions are ready,” Papa said. “It has been a little turbulent in the marketplace, but for us internally, what we are going to do is make sure we are prepared so that when conditions are appropriate we can go forward.”
