Valeant Pharmaceuticals International announced that the company will change its name to Bausch Health Companies beginning in July 2018.
“Becoming Bausch Health Companies is a major step forward in our transformation,” Joseph C. Papa, chairman and CEO, Valeant, said in a company news release “The Bausch name embodies the rich history of innovation, fortitude and dedication to patient health dating back to when J.J. Bausch opened his first optical goods shop more than 165 years ago. These qualities form the foundation of who we are today as we continue to build an innovative company striving to improve the health of patients globally.”
Since joining Valeant in May 2016, Mr. Papa and his leadership team have embarked on a multi-year effort to turnaround the company. In the past 2 years, the company has completed more than a dozen divestitures to strategically streamline operations, has reduced debt by more than 20%, and has resolved numerous legacy issues, according to Valeant.
“Now is the right time in our turnaround to unite our company’s core businesses, subsidiaries and brands under the Bausch Health name,” Mr. Papa said. “We believe Bausch Health Companies more accurately represents the full scope of the company today – a leader in the development and manufacture of a wide range of pharmaceutical, medical device and over-the-counter products, primarily in the therapeutic areas of eye health, gastroenterology and dermatology.”
Because the company’s businesses and subsidiaries have strong brand equity, all entities that have separate established brands will continue to operate under the corporate umbrella using their existing names, Mr. Papa said.
As part of the name change, the company will roll out a new corporate brand identity in July 2018, which will include new imagery and web site, and will trade under a new symbol, BHC. Until that time, the company will continue to trade on the New York Stock Exchange and Toronto Stock Exchange under its present symbol, VRX.
“We completed an extensive assessment of the name entities available from within our portfolio and also assessed several potential new names. As our review progressed, it became clear that Bausch Health Companies best represents the company we are today,” said Mr. Papa. “With a history that ranges from creating revolutionary Vulcanite eye glass frames in 1861 to being the first to mass produce and market soft contact lenses globally in 1971, the Bausch brand is synonymous with innovation and quality.”
Notice of the name change has been submitted to both the New York Stock Exchange and the Toronto Stock Exchange, and the effectiveness of the name change is subject to the satisfaction of customary conditions of such exchanges.