Valeant to Rebrand as Bausch Health Companies in July

May 11, 2018: By Jon Swedien

Valeant Pharmaceuticals will change its name to Bausch Health Companies Inc., effective in July, the company announced May 8.

The company said it will also roll out new corporate imagery and a new website, and it will trade under a new symbol, BHC.

Valeant said it will continue to trade on the New York Stock Exchange and Toronto Stock Exchange under its present symbol, VRX, until the July name change.

Valeant’s subsidiaries that have separate established brands—Bausch + Lomb, Salix, and Ortho Dermatologics—will continue to operate under the corporate umbrella using their existing names, the company said.

“Now is the right time in our turnaround to unite our company’s core businesses, subsidiaries, and brands under the Bausch Health name,” said CEO and Chairman Joseph Papa.

Papa said the name more accurately “represents the full scope of the company” and noted the company’s focus on pharmaceuticals and medical devices in ophthalmology, gastroenterology, and dermatology.

Valeant’s new name takes it’s first word from its largest subsidiary, Bausch + Lomb. The company said its Bausch + Lomb/International segment accounted for 56 percent of total revenues in 2017. The segment made up about 55 percent of Valeant’s total revenues in Q1-2018.

In late 2016, former board chairman William Ackman suggested the company rebrand to improve its ailing reputation. The company had come under intense scrutiny for various business practices, and its former CEO, J. Michael Pearson, was forced out in early 2016, leaving behind a company with more than $30 billion in debt.

Valeant has since worked to cut its debt load. Valeant in March said it reduced its debt by more than $4.4 billion in 2017. The company also said it reduced debt repayment requirements through 2020 by more than $10.8 billion since December 2016 and eliminated all long-term debt maturities until 2020 and all mandatory amortization requirements.

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