"About Us: History." Venture Radar.  In November, it announced it would sell Sprout Pharmaceuticals back to its original owners, two years after acquiring the business for $1 billion. Bausch Health. , In January 2012, Valeant acquired Brazilian sports nutrition company Probiotica for R$150 million. 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 Companies Inc. (formerly Valeant Pharmaceuticals) is a multinational specialty pharmaceutical company based in Laval, Canada.  In addition, by controlling the pharmacy services offered by Philidor, Valeant allegedly steered Philidor's customers to expensive drugs sold by Valeant. Accessed June 5, 2020. Securities and Exchange Commission.gov.  Under Papa's leadership, by early 2018, the company had become profitable again; had settled the Allergan case for less than expected; and had lowered its debt by $6.5 billion. “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. [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. In 2015, the firm moved operations to Bridgewater, New Jersey., The company's founding products were licensed from European pharmaceutical firms and sold in the United States. Before going generic in 2007, Colazal generated more than $110 million for the company., Salix, since its founding, remained steadfast in continuing as an independent company. At the same time, a new ticker symbol, BHC replaced VRX.. "Worldwide Locations." Bausch Health Us, LLC is located in Bridgewater, NJ, United States and is part of the Pharmaceutical Manufacturing Industry. Business data for Bausch Health Companies Inc.: This page was last edited on 14 January 2021, at 21:22. Find out what works well at Bausch Health from the people who know best. , 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. Valeant's acquisition of Bausch & Lomb in 2013, and Paragon Vision Services in 2015, is alleged to have given the company control of over 80% of the production pipeline for hard contact lenses. ", 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.  In September 2008, Valeant acquired Coria Laboratories for $95 million. 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. Bausch Health Companies Inc. is a global company whose mission is to improve people’s lives with our health care products. "Valeant to Acquire Salix Pharmaceuticals for $158 per Share in Cash." They focus on eye health, dermatology, neurology, and generic medications. Bausch operates through two segments—developed markets and emerging markets. We develop, manufacture and market a range of pharmaceutical, medical device and over-the-counter products, primarily in the therapeutic areas of eye health, gastroenterology and dermatology. 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. Bausch Health.  In late September 2015, members of the United States House Committee on Oversight and Government Reform urged the Committee to subpoena Valeant for their documents regarding the sharp increases in the price of "two heart medications it had just bought the rights to sell: Nitropress and Isuprel.  Valeant and Pershing Square were subsequently accused of insider trading prior to their Allergan bid, and eventually settled the case in 2017.  The company denied allegations of all wrongdoing as part of the settlement.  In July 2011, Valeant acquired Ortho Dermatologics from Janssen Pharmaceuticals for $345 million. Its largest acquisitions were Bausch & Lomb, in 2013, and Salix Pharmaceuticals, in 2015. Under Rule 19(a)(1)(B), a party must be joined if: That person claims an interest relating to the subject of the action and Valeant Pharmaceuticals International acquired many subsidiaries. The name change was driven in part by the negative image that Valeant built up during a period of aggressive expansion. , By January 2017, the company had sold its skincare brands to L'Oréal for $1.3 billion and its Dendreon biotech unit to Sanpower for $819.9 million. Item 1.01. "Salix Pharmaceuticals to Acquire Santarus." It develops, manufactures, and markets pharmaceutical products and branded generic drugs, primarily for skin diseases, gastrointestinal disorders, eye health, and neurology. An attempted merger with Allergan, in 2014, failed and resulted in the company being sued for insider trading prior to their bid.. , 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. Investopedia requires writers to use primary sources to support their work. Salix.  Valeant responded that the allegations by Citron Research were "erroneous.  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. "Valeant Will Become Bausch Health Companies Inc." Accessed June 5, 2020. Tomorrow I’ll lay out a plan to take it on. A series of unilateral price increases beginning in Fall 2015 spurred the FTC's investigation. Valeant had raised the price of Nitropress by 212% and Isuprel by 525%". We also reference original research from other reputable publishers where appropriate. "Elite Pharmaceuticals Appoints Davis S. Caskey to its Board of Directors." These specialty companies were controlled by Valeant, and allegedly resulted in improper bookkeeping of revenues.  In July 2014, Valeant acquired PreCision Dermatology Inc for $475 million, a deal aimed at strengthening the firm’s skin products business. Consummation of the offering of the Notes is subject to various closing conditions. Salix was headquartered in California until it relocated to North Carolina in 2000. Bausch + Lomb General Information Description. Bausch Health Xifaxan Application. The new name of Bausch Health Companies comes from Bausch & Lomb.  The New York Times columnist Joe Nocera claimed that Valeant CEO J. Michael Pearson's "plan was to acquire pharmaceutical companies, fire most of their scientists, and jack up the price of their drugs".  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. They were also ordered to forfeit $9.7 million in kickbacks. Accessed June 5, 2020. However, it was acquired in 2007 by private equity firm Warburg Pincus PLC. Valeant bought Bausch & Lomb from that firm in 2013 in a deal worth over $8 billion. At least half the total cash was earmarked to pay off Bausch & Lomb's debts. The acquisition included the products Retin-A Micro, Ertaczo, and Renova, also known as tretinoin. 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. There are 177 companies in the Bausch Health Us, LLC corporate family. The New York Times. Bausch Health Companies has 21,700 employees across 46 locations and $8.60 B in annual revenue in FY 2019. Fitch estimates a going concern enterprise value (EV) of $19.7 billion for Bausch Health and assumes that administrative claims consume 10% of this value in the recovery analysis. , From 2015 to 2017, Valeant shares plummeted more than 90 percent. Bausch Health. Securities and Exchange Commission.gov. We develop, manufacture and market a range of pharmaceutical, medical device and over-the-counter products, primarily in the therapeutic areas of eye health… 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. Bausch's emerging market activities focus on the sale of generic-branded pharmaceutical products, OTC products, and medical devices.  In December 2011, Valeant acquired iNova Pharmaceuticals for A$625 million from Australian private equity firms Archer Capital with additional milestone payments of up to A$75 million. Akorn sold ECR Pharmaceuticals to Valeant in mid-2014 in a $41 million cash deal.. The Notes will be guaranteed by each of the Company's subsidiaries that are guarantors under the Company's credit agreement and existing senior notes. "About Us." Bausch Health Companies Inc. (NYSE: BHC) is a specialty pharmaceutical company that operates in multiple countries. , After Valeant acquired Salix Pharmaceuticals in 2015, it raised the price of the diabetes pill Glumetza about 800%.. Accessed June 5, 2020. "Salix Pharmaceuticals Reports 4Q2005 and FY2005 Results; 2005 Product Revenue Increases 52%; Non-GAAP EPS of $0.64: GAAP EPS of ($1.55); 2006 Product Revenue Guidance of $205 Million: 2006 EPS Guidance of at least $0.85."  In 2006, the company received approval in the U.S. to market Cesamet (nabilone), a synthetic cannabinoid. In September 2017, Symbiomix Therapeutics a subsidiary of Lupin received approval from the FDA for Solosec (secnidazole), 5-nitroimidazole antibiotic, available in 2g oral granules for the treatment of bacterial vaginosis (BV) in adult women. , The company was featured in episode 3 of the first season of the Netflix documentary Dirty Money. They were sentenced to a year in prison after being convicted on four charges, including wire fraud and conspiracy to commit money laundering. 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. These include white papers, government data, original reporting, and interviews with industry experts. Accessed June 5, 2020. , In 2008, the Swedish pharmaceutical company Meda AB bought Western and Eastern Europe branches from Valeant for $392 million. Bausch Health's main products include drugs in the fields of dermatology, neurology, and infectious disease. They correctly bet that "the drug company’s price gouging, questionable tactics, and massive debt burden could not be sustained". Valeant then pushed these products through into its own supply stream and considerably raised prices. However, this led to Valeant’s success and dominance in the pharmaceutical manufacturing space. Compare pay for popular roles and read about the team’s work-life balance. See insights on Bausch Health Companies including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft.  In August 2012, Valeant agreed to buy skin-care company Medicis Pharmaceutical for $2.6 billion. In February 2011, Valeant acquired PharmaSwiss S.A. for €350 million. In July 2015, the company announced it would acquire Mercury (Cayman) Holdings, the holding company of Amoun Pharmaceutical, one of Egypt's largest drugmakers, for $800 million.  In August 2011, Valeant acquired 87.2% of the outstanding shares of Sanitas Group for €314 million. To submit funding requests for Salix or Ortho Dermatologics educational grants and investigator-initiated studies, click here. This listing is limited to those independent companies and subsidiaries notable enough to have their own articles in Wikipedia. Accessed June 5, 2020. , In July 2015, Glass Lewis, a proxy advisory firm, called the $3 billion in compensation received by J. Michael Pearson "excessive".  In May 2014, Nestle acquired the commercial rights to some of Valeant's products for $1.4 billion. Bausch Health Companies (NYSE: BHC), subsidiary Salix Pharmaceuticals and licensor Alfasigma SpA have settled their patent infringement litigation … 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").  Setting on a path of aggressive acquisitions, Pearson ultimately turned Valeant into a platform company that grows by systematically acquiring other companies. Bausch Health releases annual Corporate Social Responsibility Report. It develops, manufactures and markets pharmaceutical products and branded generic drugs, primarily for skin diseases, gastrointestinal disorders, eye health, and neurology. Accessed June 5, 2020. Salix also acquired several other firms, including InKine Pharmaceutical Company in 2005, Oceana Therapeutics in 2011, and Santarus in 2013. After being boosted by acquisitions, total sales for all Salix products were over $1 billion in 2014. Salix was eventually taken over by Valeant in 2015 for a total of $14.5 billion., ECR Pharmaceuticals Company Inc. is a manufacturer and wholesale seller of pharmaceutical products. "Valeant Pharmaceuticals International to Acquire Bausch + Lomb for $8.7 Billion."  Valeant also tried to acquire Actavis and Cephalon. "About Us, Our Locations." , On October 21, 2015, Citron Research founder Andrew Left, a short seller of Valeant shares, published claims that Valeant recorded false sales of products to specialty pharmacy Philidor Rx Services and its affiliates. Accessed June 5, 2020. Accessed June 5, 2020. , An important part of the growth strategy for Valeant under Michael Pearson had been the acquisition of medical and pharmaceutical companies and the subsequent price increases for their products. 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. Questionable Friends. Fake Emails. "The Bausch + Lomb Story."  In December 2011, Valeant acquired Dermik, a dermatology unit of Sanofi. GlobeNewswire.  In January 2013, Valeant acquired the Russian company Natur Produkt for $163 million. The multinational specialty pharmaceutical company specializes in developing, manufacturing, and marketing pharmaceuticals and medical devices, with a portfolio of branded prescription, branded generic, and OTC products. Bausch & Lomb originated as an American company. Bausch Health Companies Inc. (formerly Valeant Pharmaceuticals) is a multinational specialty pharmaceutical company based in Laval, Canada. 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. "Salix Pharmaceuticals, Ltd.," Page 15. 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. On April 1, 2015, Valeant completed the purchase of gastrointestinal treatment drug developer Salix Pharmaceuticals for $14.5 billion after outbidding Endo Pharmaceuticals. , In September 2015, an influential group of politicians criticized Valeant on its pricing strategies. Interestingly, their products also include over-the-counter (OTC) drugs. Bausch Health Companies was known as Valeant Pharmaceuticals International until the firm changed its name in 2018. Securities and Exchange Commission.gov. Uncover why Bausch Health is the best company for you. ", "Hillary Clinton tweet crushes biotech stocks", "Clinton targets Valeant price hikes in campaign appearance", "Valeant Pharmaceuticals Subpeonaed In U.S. After Price-Gouging Allegations", "Shkreli, Valeant CEO set for a grilling at congressional price-hike hearing", "Valeant Pharmaceutical Interim CEO to Testify Before Congress Next Week", "Federal Investigators Looking at Valeant's Contact Lens Dealings", "Valeant Pharmaceuticals International, Inc", "FTC Approves Final Order with Parent Company of Bausch + Lomb", "Valeant Pharmaceuticals (VRX) Stock: Climbing on Takeover Rejection!  The company also acquired the European rights to the drug for $14 million. On September 28, 2010, Valeant merged with Biovail. 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. Bausch + Lomb, a wholly owned subsidiary of Bausch Health Companies, is one of the world’s best-known and most respected health care brands, solely focused on protecting, enhancing and restoring people’s eyesight. 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.  In April 2012, Valeant acquired assets from Atlantis Pharma in Mexico for $71 million. The following links apply to Bausch Health and all of its U.S. subsidiaries. Valeant also pays extremely low taxes because it is officially based in Canada, although Mr. Pearson operates from New Jersey. The cost of Valeant flucytosine was 10,000% higher in the United States than in Europe. 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