Quebec-based parent company Bausch Health will keep control of Bausch + Lomb, the 169-year-old brand widely known for its contact-lens products, the prospectus says. But separating Bausch + Lomb (which also sells ophthalmic pharmaceuticals and surgical equipment) from Bausch’s broader pharma business will give each entity more flexibility and allow management to focus on what each does well, the filing says. (The Logic)

Talking point: Bausch Health was called Valeant Pharmaceuticals when it bought Bausch + Lomb from the private equity firm Warburg Pincus for US$8.7 billion in 2013. It had a strategy of rolling up pharma and health-tech companies (one of them was the troubled generics-maker Biovail), cutting costs and increasing prices, an approach to the business that Martin Shkreli brought into disrepute. Then came accounting scandals, prison sentences, and a name change. Bausch Health’s stock price has recovered some ground since investors fled in 2015, but the eye-care subsidiary’s profits slipped, according to its filings, from $1.06 billion in 2018 to $899 million in 2020.