skyrocketed as much as 27% in premarket trading Thursday after the company announced its intention to spin off its eye-care business.
The pharmaceutical company plans to separate its Bausch + Lomb brand and portfolio of eye products into an independent and publicly traded company,"We are committed to taking action to unlock what we see as unrecognized value in Bausch Health shares, and we believe that separating our business into two highly focused, stand-alone companies is the way to accomplish that goal," said Joseph Papa, CEO of Bausch...
The spinoff will result in two companies — the eye care business, and a"diversified pharmaceutical company with leading positions in gastroenterology, aesthetics/ dermatology, neurology, and international pharmaceuticals," the company said. Tom Marsico's global stock fund has trounced its benchmark for 13 years — and returned 28 times its peers in 2020. Here's what he's been buying, and the beaten-down stocks he plans to grab after the pandemic.
The eye-care unit had $3.7 billion in revenue last year, where the rest of the company brought in about $4.9 billion, the company said. The spinoff will return the eye-care business to an independent company, which it was before Valeant Pharmaceuticals International
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