Sidley represented Morgan Stanley and Goldman Sachs & Co. LLC, as representatives of the underwriters, in connection with the US$630 million initial public offering of common shares of Bausch + Lomb Corporation (NYSE/TSX: BLCO), a leading global eye health company, valuing the company at US$6.5 billion. The IPO priced during a day where major stock indexes were down more than 3% due to several significant market headwinds, making the pricing and valuation even more impressive. The common shares began trading on the New York Stock Exchange and the Toronto Stock Exchange on May 6, 2022, in each case under the ticker symbol “BLCO.”
The IPO is a part of Bausch Health Companies Inc.’s announced plan to spin-off its eye-care (Bausch + Lomb) and aesthetics business (Solta Medical).
The IPO was this year’s second-largest after the IPO of private-equity giant TPG Inc, which Sidley was also involved in representing certain strategic shareholders. Sidley has been involved in the two biggest IPOs this year, which is a testament to Sidley’s strong IPO platform.
The Sidley team was led by New York Capital Markets partners David Ni and Mike Schiavone, and included senior managing associate John Stribling and associates Alan Williams and Konnor C. Rodriguez. The Sidley Tax team assisting on the transaction was led by partner Nicholas R. Brown and managing associate Ryan M. Kelly. Other critical support was provided by Healthcare partner Catherine Y. Starks and associate Jesse Burbank; Food, Drug and Medical Device Regulatory partner Diane C. McEnroe; Privacy and Cybersecurity counsel Ash Nagdev; Technology and Life Sciences Transactions partner Joshua T. Hofheimer; Securities Enforcement and Regulatory partner Jim Ducayet and counsel Benjamin L. Nager; and Employee Benefits and Executive Compensation partner Corey Perry.