Bausch Health is a company dedicated to innovation, advancing global health and improving people’s lives with our health … accessed June 5, 2020. In 2018, Valeant changed its name to Bausch Health Companies, adopting the name of its Bausch + Lomb eyecare subsidiary to shed the toxic Valeant brand. Announces Fourth-Quarter And Full-Year 2019 Results And Provides 2020 Guidance", "US SEC: Form 10-K Valeant Pharmaceuticals International, Inc", "Valeant Agrees to Buy Bausch & Lomb in $8.7 Billion Deal", "Drugmaker Valeant completes $11 billion purchase of Salix", "Allergan sues Ackman, Valeant, alleging insider trading", "Valeant: Paulson & Co. [69] Valeant responded that the allegations by Citron Research were "erroneous. Both going concerns and defunct firms are included, as well as firms that were part of the pharmaceutical industry at some time in their existence. Bausch Health and its subsidiaries, including cybersecurity, regulatory and compliance risks, and (f) the preparation of the Committee report that the Securities and Exchange Commission (the “SEC”) rules require to be included in Bausch Health’s annual proxy statement. Investopedia requires writers to use primary sources to support their work. Panić ran the company for 47 years, during which ICN established a foothold in the industry by acquiring niche pharmaceuticals and through the development of Ribavirin, an antiviral drug that became the standard treatment for hepatitis C.[12], In 1994, ICN merged with SPI Pharmaceuticals Inc., Viratek Inc., and ICN Biomedicals Inc.[13], On June 12, 2002, following a series of controversies, Panić was forced to retire under pressure from shareholders. "[99], On April 27, 2016, Bill Ackman, J. Michael Pearson, and Howard Schiller were forced to appear before the United States Senate Special Committee on Ageing to answer to concerns about the repercussions for patients and the health care system faced with Valeant's business model. At the same time, a new ticker symbol, BHC replaced VRX.[11]. Bausch Health Companies Inc. Under the leadership of J. Michael Pearson, Valeant adopted a strategy of buying up other pharmaceutical companies which manufactured effective medications for a variety of medical problems, and then increasing the price of those medications. The Canadian Derivatives Clearing Corporation (CDCC) is a central clearing counterparty for exchange traded derivative products in Canada. Salix was headquartered in California until it relocated to North Carolina in 2000. There are 177 companies in the Bausch Health Us, LLC corporate family. [33] In August 2011, Valeant acquired 87.2% of the outstanding shares of Sanitas Group for €314 million. [45] In March 2013, Valeant acquired Obagi Medical Products, Inc.[46] In May 2013, the company acquired Bausch & Lomb from Warburg Pincus for $8.7 billion in a move to dominate the market for specialty contact lenses and related products.[47][48]. [57][58] In August 2015, Valeant said it would purchase Sprout Pharmaceuticals Inc for $1 billion, a day after Sprout received approval to market the women's libido drug Addyi. [20], In January 2009, Valeant acquired Dow Pharmaceutical Sciences for $285 million. You can learn more about the standards we follow in producing accurate, unbiased content in our. The healthcare sector consists of companies that provide medical services, manufacture medical equipment or drugs, provide medical insurance, or otherwise facilitate the provision of healthcare to patients. Reuters. [6] Following Ackman's exit, Paulson & Co. increased its stake in the company, became its largest shareholder,[7] with its founder, John Paulson, joining the board, and vowing to rebuild the company's core franchises and to reduce its debt. [105] In July, the company also divested Obagi Medical Products for $190 million. Bausch Health Companies was known as Valeant Pharmaceuticals International until the firm changed its name in 2018. [verification needed] The company was founded in Rochester, New York, United States in 1853 by optician John Bausch and cabinet maker turned financial backer Henry Lomb. [39] In April 2012, Valeant acquired assets from Atlantis Pharma in Mexico for $71 million. "Bausch & Lomb to Be Acquired by Warburg Pincus." parties consisted of Bausch’s foreign subsidiaries Valeant Ireland, B&L Saglik, and Valeant International Luxembourg (collectively, “Valeant subsidiaries”), Turkish company Boyut, and UAE-incorporated Mediworld. [24] In April 2010, Valeant announced that its Canadian subsidiary would acquire Vital Science Corp. for C$10.5 million. The new name of Bausch Health Companies comes from Bausch & Lomb., Bausch manufactures and markets a vast array of pharmaceutical products. The company was established in 2009, and it promotes certain branded pharmaceuticals through the use of its sales force. This subsidiary company was initially acquired by Akorn Inc. (NASDAQ: AKRX) when it bought Hi-Tech Pharmacal. On September 28, 2010, Valeant merged with Biovail. Securities and Exchange Commission.gov. "Becoming Bausch Health Companies is a major step forward in our transformation," said Joseph C. Papa, chairman and CEO, Valeant. Puts (a Bit More) Money Where its Mouth is", "John Paulson Joins Valeant Board Of Directors", "Bill Ackman And Valeant Settle Allergan Insider Trading Lawsuit For $290 Million", "Valeant Shares Rise After Company Pays Down Additional $300 mln in Debt", "Valeant, Distancing Itself From Its Past, Will Change Its Name to Bausch Health", "Allergan Fight Conjures Ghost of O.C. ... Bausch Health, DARÉ BIOSCIENCE, INC, Hennepin Life Sciences, LLC. Bausch + Lomb General Information Description. LAVAL, QC, Nov. 18, 2020 /PRNewswire/ -- Bausch Health Companies Inc. (NYSE/TSX: BHC) ("Bausch Health" or the "Company") announced today that it has launched an offering of a combined $1.75 billion aggregate principal amount of new senior notes due 2029 (the "2029 Notes") and new senior notes due 2031 (the "2031 Notes" and, together with the 2029 Notes, the "Notes"). [109], By January 2018, the company had divested itself of 13 non-core businesses, reducing its debt to $25 billion, and had settled or dismissed 70 pending lawsuits, including the Allergan insider trading case. [19] In November 2008, Valeant acquired DermaTech for $12.6 million. The acquisition included the products Retin-A Micro, Ertaczo, and Renova, also known as tretinoin. This listing is limited to those independent companies and subsidiaries notable enough to have their own articles in Wikipedia. They correctly bet that "the drug company’s price gouging, questionable tactics, and massive debt burden could not be sustained". Bausch Health Companies Inc. (formerly Valeant Pharmaceuticals) is a multinational specialty pharmaceutical company based in Laval, Canada. We also reference original research from other reputable publishers where appropriate. [21] In July 2009, Valeant announced its acquisition of Tecnofarma, a Mexican generic drug company. Accessed June 5, 2020. [25] In May 2010, Valeant acquired Aton Pharmaceuticals for $318 million.[26][27]. Valeant also pays extremely low taxes because it is officially based in Canada, although Mr. Pearson operates from New Jersey. In 2015, Valeant was involved in a number of controversies surrounding drug price hikes and the use of a specialty pharmacy for the distribution of its drugs, which led to an investigation by the U.S. Securities and Exchange Commission, causing its stock price to plummet more than 90 percent from its peak, while its debt surpassed $30 billion. [100], On April 25, 2016, Valeant named Perrigo chief executive Joseph Papa as a permanent replacement for Pearson, and entrusted him with turning around the company. “Drug Short” explains how Valeant lost 90 percent of its value between 2015 and 2016 taking down billionaires in the process and making an internet heroine of Fahmi Quadir, and a handful of other short sellers. Bausch Health owns Bausch & Lomb, a supplier of eye health products. [41] In June 2012, Valeant acquired OraPharma for approximately $312 million with up to $144 million being paid in milestone payments. GlobeNewswire. In its days as Valeant, Bausch Health Companies got some unwanted attention as a pharmaceutical powerhouse that gains brands through acquiring smaller or failing companies. Valeant had raised the price of Nitropress by 212% and Isuprel by 525%". [114][115], Dow Pharmaceutical Sciences Inc(Acq 2009), Obagi Medical Products Inc(Acq 2013, Sold 2017), Dendreon(Acq 2015, Sold 2017 to Sanpower Group), Selected Morningstar National Bank Québec companies of, Rigid contact-lens monopoly investigation, Share price erosion and ousting of Pearson, Learn how and when to remove this template message, United States Securities and Exchange Commission, United States House Committee on Oversight and Government Reform, U.S. Attorney's Office for the District of Massachusetts, United States Attorney for the Southern District of New York, "Bausch Health. [31] In May 2011, former Biovail Corporation Chairman and CEO Eugene Melnyk was banned from senior roles at public companies in Canada for five years and penalized to pay $565,000 by the Ontario Securities Commission. A parent company is a maintains a majority interest in another company, giving it control of its operations. [95], In March 2016, the Board of Directors said that CEO J. Michael Pearson would be leaving the company as soon as a replacement was found and that investor Bill Ackman would be added as a director. Compare pay for popular roles and read about the team’s work-life balance. "Elite Pharmaceuticals Appoints Davis S. Caskey to its Board of Directors." [14], In 2003, not long after Panić's ouster, ICN changed its name to Valeant. [15] In 2006, the company received approval in the U.S. to market Cesamet (nabilone), a synthetic cannabinoid. [62][63] In September 2015, the company announced its intention to acquire eye surgery product manufacturer Synergetics USA, for $192 million in order to strengthen the company's Bausch & Lomb division. Entry into a Material Definitive Agreement. Accessed June 5, 2020. Bausch + Lomb is an eye health products company based in Laval, Quebec, Canada. [87], By October 2015, Valeant had received subpoenas from the U.S. Attorney's Office for the District of Massachusetts and the United States Attorney for the Southern District of New York in regards to an investigation on Valeant's "drug pricing, distribution and patient assistance program. They focus on eye health, dermatology, neurology, and generic medications. We develop, manufacture and market a range of pharmaceutical, medical device and over-the-counter products, primarily in the therapeutic areas of eye health… To submit funding requests for Salix or Ortho Dermatologics educational grants and investigator-initiated studies, click here. [51][52] Along with hedge fund manager Bill Ackman, Valeant made a bid to acquire Allergan; however, in November 2014, Allergan announced that it would be acquired by Actavis in a $66 billion transaction. In 2016, Pearson was ousted and replaced by Joseph C. Papa, while investor Bill Ackman joined the board. Bausch + Lomb, a wholly-owned subsidiary of Bausch Health Companies Inc. is one of the world’s best-known and most respected health care brands solely focused on protecting, enhancing and restoring people’s eyesight. One alleged practice entailed Valeant employees directly managing Philidor's business operations while posing as Philidor employees, and with all written communication under fictitious names. In 2017, Ackman's Pershing Square fund, which held a major stake in the company, sold out for a reported loss of $2.8 billion. In the year before the merger with Valeant, Melnyk had settled by the United States Securities and Exchange Commission (SEC), and agreed to pay a civil penalty of $150,000 after having previously paid $1 million to settle other claims with the SEC. Bausch & Lomb originated as an American company. As most consumers are aware, their developed market operations include OTC products and pharmaceuticals sold in the United States. A The New York Times article on October 4, 2015[84] stated that: "Valeant is known for buying companies and laying off their employees to achieve savings, while accumulating a debt of about $30 billion. Tanner had been responsible for managing Valeant’s relationship with Philidor as well as Valeant’s “alternative fulfillment” program, which the company used to increase prescriptions for its own (expensive) drugs instead of generic substitutes. [18] In September 2008, Valeant acquired Coria Laboratories for $95 million. Find out what works well at Bausch Health from the people who know best. [85], After Valeant acquired Salix Pharmaceuticals in 2015, it raised the price of the diabetes pill Glumetza about 800%.[82][84]. [111], On December 16, 2019, the company settled a shareholder class action lawsuit under Section 11 of the U.S. Securities Act of 1933, alleging the company misled investors about its business operations and financial performance, for approximately $1.21 billion. [40] In May 2012, Valeant acquired AcneFree for $64 million plus milestone payments. The company's contact lenses and lens care products include contact lenses, lens care products, ophthalmic pharmaceuticals enabling its customers to use widest and fine range of eye health products including contact lenses and lens care products for better vision. Bausch Health Companies Inc. and all of its subsidiaries and other affiliates (collectively, "Bausch Health," "we," "us," and "our") respect and want to protect your privacy. These specialty companies were controlled by Valeant, and allegedly resulted in improper bookkeeping of revenues. [106] In November, it announced it would sell Sprout Pharmaceuticals back to its original owners, two years after acquiring the business for $1 billion. [92][93], From 2015 to 2017, Valeant shares plummeted more than 90 percent. Bausch Health owns Bausch & Lomb, a supplier of eye health products. "About Us." [59][60][61] In September 2015, Valeant licensed psoriasis drug Brodalumab from AstraZeneca for up to $445 million. [94][95] Large hedge funds such as Bill Ackman's Pershing Square Capital Management, Paulson & Co., and Viking Global Investors lost billions. Bausch Health Companies (NYSE: BHC), subsidiary Salix Pharmaceuticals and licensor Alfasigma SpA have settled their patent infringement litigation … [95] By April 2016, the market value of hedge fund holdings in Valeant had fallen by $7.3 billion. The company is among the world’s largest and best-recognized suppliers of eye care and health products, including contact lenses and medications for eye diseases. One product line, the Ray-Ban brand of sunglasses, was integral in bringing Bausch & Lomb fame and a positive public image. Bausch & Lomb was a public company that traded on the New York Stock Exchange (NYSE). Accessed June 5, 2020. Health Details: Details: BAUSCH HEALTH is committed to supporting patients who may have recently lost employment health benefits due to the COVID-19 pandemic.It is important to continue prescribed treatments and we are proud to offer Bausch Health prescription medicines through our patient support program. The News & observer. [102], By January 2017, the company had sold its skincare brands to L'Oréal for $1.3 billion[103] and its Dendreon biotech unit to Sanpower for $819.9 million. Bausch & Lomb remains a leader in its field, operating in 50 countries with its headquarters in Bridgewater, New Jersey., Salix Pharmaceuticals is an American specialty pharmaceutical company. A white label product is manufactured by one company then packaged and sold by other companies under various brand names. [80] The company raised prices on all its brand name drugs 66% in 2015, five times more than its closest industry peer. 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