In a statement, Valeant CEO Joseph Papa said the move was to unite the Company's core businesses, subsidiaries and brands under the Bausch Health name.
"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."
"Now is the right time in our turnaround to unite our Company's core businesses, subsidiaries and brands under the Bausch Health name," continued Mr. Papa. "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."
It's not thought that the move will have any impact on the Bausch + Lomb plant in Waterford, which employs almost 1,500 people and was the subject of an €85m extension last year.
As part of the name change, the Company will roll out a new corporate brand identity in July, 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.
