Contact lens maker Bausch + Lomb says it is exploring sale

(Reuters) – Bausch + Lomb is exploring a potential sale among other options, it said on Thursday, in a move that would help Canadian parent Bausch Health exit the eye-care company.

Bausch + Lomb also said its statement was in response to a request from the Canadian Investment Regulatory Organization (CIRO) after a series of media reports on its likely sale triggered volatility in its shares.

The Financial Times reported on Oct. 14 that private equity firms TPG and Blackstone (NYSE:BX) were working on a joint bid to take the company private for up to $11.5 billion, including debt.

A month prior, the FT had reported that the company had hired an investment bank to explore a sale, sending its shares surging more than 37% until the newspaper’s report on Blackstone’s cooling interest earlier this week led to a sharp fall in its stock price.

A sale could end a long process by parent Bausch Health to offload its stake in the eyecare company.

In 2022, Bausch Health separated the business into another publicly listed company but retained a majority stake.

Bausch + Lomb, which is one of the world’s largest contact lens suppliers, is helmed by noted dealmaker Brent Saunders.

He was previously the CEO of Allergan (NYSE:AGN) before it was sold to AbbVie (NYSE:ABBV) for $63 billion.

The company also makes surgical devices, prescription drugs and generic eye products.