The company that owns eye care giant Bausch & Lomb is considering an Initial Public Offering of the company as it seeks to unload ownership of the company.
According to a breaking report from Bloomberg News late last week, Warburg Pincus LLP has contacted several of the country’s leading banking institutions as it considers an IPO of its holding Bausch & Lomb. It had previously attempted a private sale of the well-known eye care company but did not receive an offer it had hoped.
Warburg was seeking $10 billion in a private sale of Bausch & Lomb, which makes a large portion of its revenue from sales of contact lenses and eye care solutions. Bausch & Lomb currently faces legal trouble dating back to its 2006 recall of its popular Renu Moisture Loc contact lens solution after it was linked to keratitis, an eye disorder marked by inflammation of the cornea that can lead to blindness.
The national law firm of Parker Waichman LLP is currently involved in pending litigation against Bausch & Lomb in New York Supreme Court related to that recall, representing those who were injured by the contaminated Renu MoistureLoc solution.
Warburg is looking to gain on its initial investment in Bausch & Lomb by 200 percent and is generating investments for a new fund and wants $12 billion and figures to get most of that from the sale of this holding.