Bausch + Lomb (BLCO) has disclosed additional details about its planned spinout from parent Bausch Health Companies (BHC) and initial public offering.
The eyecare products and ophthalmology equipment giant said in a filing that it intends to list its shares on NYSE and the Toronto exchange under the symbol BLCO. Shares will be offered by 1261229 B.C., a wholly owned subsidiary of BHC. Bausch + Lomb will not receive any proceeds from the deal.
The price and size of the offering has not yet been disclosed. After the deal, BHC will hold an indirect majority stake in the new company.
Morgan Stanley, Goldman Sachs, Citigroup and JP Morgan are serving as underwriters, along with 16 other firms.
For 2021, Bausch + Lomb reported net income of $182M on revenue of $3.8B.
For a more in-depth look at the spin-out, check out SA contributor HypeZero’s “Bausch and Lomb Spinoff Worth More Than All of Bausch Health”.