Bausch Health Companies Inc. (formerly Valeant Pharmaceuticals) is a multinational specialty pharmaceutical company based in Laval, Canada. It develops, manufactures, and markets a broad range of pharmaceutical products primarily in the areas of dermatology, gastrointestinal disorders, eye health, neurology, and branded generics. Valeant owns Bausch & Lomb, one of the world's largest suppliers of eye health products.
Founded in California in 1959 as ICN Pharmaceuticals, Valeant grew rapidly through a series of mergers and acquisitions under the leadership of J. Michael Pearson and for a short period of time in 2015 was the most valuable company in Canada. Its largest acquisitions were Bausch & Lomb in 2013 and Salix Pharmaceuticals in 2015. Valeant also tried to acquire Actavis and Cephalon and merge with Allergan in 2014, but failed and was sued for insider trading prior to their bid.
In 2015, the company was involved in a number of controversies surrounding drug price hikes and the use of a specialty pharmacy for the distribution of its drugs, which led to an investigation by the SEC and caused its stock price to plummet more than 90 percent from its peak while its debt surpassed $30 billion.
In 2016, Pearson was ousted and replaced by Joseph C. Papa, while investor Bill Ackman joined the board. In 2017, Ackman's Pershing Square fund, which held a major stake in the company, sold out for a reported loss of $2.8 bn. Following Ackman's exit, Paulson & Co. increased its stake in the company and became its largest shareholder, while its founder John Paulson joined the board, vowing to rebuild the company's core franchises and reduce its debt.Under Papa's leadership, by early 2018, the company had become profitable again, had settled the Allergan case for less than expected, and had lowered its debt by $6.5 billion. In May, 2018, Papa announced a name change for Valeant taking effect in July 2018 - with the new name, Bausch Health Companies Inc., helping Valeant distance itself from its past, and a new trading symbol BHC to replace VRX.