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MarketWatch MarketPulseAug 06, 2020
Bausch Health shares soar 23% premarket on report to spin off eye-care business
Bausch Health Cos. shares soared 23% in premarket trade Thursday, after a Wall Street Journal report that the company is planning to spin off its eye-care business from its core pharma operations, citing people familiar with the matter. The news could some as soon as Thursday, the paper reported. The business, known as Bausch & Lomb, accounted for nearly half of the company's $8.6 billion in revenue last year. The move would further break apart the former Valeant, which acquired Bausch & Lomb for $8.7 billion in 2013, under then-CEO Michael Pearson. Under Pearson, Valeant had used acquisitions to aggressively grow and become a popular stock, until accounting and drug price scandals caused its stock to crater. Shares have fallen 35% in the year through Wednesday, while the S&P 500 has gained 3%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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