View source for Company:Bausch Health

{{short description|Canadian pharmaceutical company}}
{{Infobox company
| name = Bausch Health Companies Inc.
| logo = Bausch Health logo.svg
| logo_size = 250px
| type = [[Finance:Public company|Public]]
| traded_as = {{ubl|{{TSX|BHC}}|S&P/TSX 60 component}}
| ISIN = {{ISIN|sl=n|pl=y|CA0717341071}}
| industry = [[Medicine:Pharmaceutical industry|Pharmaceuticals]]
| foundation = {{start date and age|1959}}<br />{{nowrap|(as ICN Pharmaceuticals)}}
| founder = Milan Panić
| location = Laval, Quebec, Canada
| key_people = {{nowrap|Thomas J. Appio}}<br />{{nowrap|([[Company:CEO|CEO]])}}<br />{{nowrap|John Paulson}}<br />{{nowrap|([[Social:Chairman#Public corporations|Chairman]])}}<br />{{nowrap|Thomas G. Vadaketh}}<br />{{nowrap|([[Social:Vice president#In business|Executive VP]] & CFO)}}<br />{{nowrap|John S. Barresi}}<br />{{nowrap|([[Social:Vice president#In business|Senior VP]] & [[Social:Comptroller#Business role|Controller]])}}
| revenue = {{US$|8.12 billion|link=yes}}
| revenue_year = 2022
| operating_income = {{US$|454 million}}
| income_year = 2022
| net_income = {{US$|-212 million}}
| net_income_year = 2022
| assets = {{US$|29.20 billion}}
| assets_year = 2021
| equity = {{US$|-34 million}}
| equity_year = 2021
| num_employees = {{circa|19,600}} (2021)
| subsid = {{ubl|class=nowrap|Bausch & Lomb|Medicis Pharmaceutical|OraPharma|Salix Pharmaceuticals|Solta Medical}}
| homepage = {{url|bauschhealth.com}}
| footnotes = <ref name="10-K 2022">{{cite web|url=https://www.accesswire.com/740417/Bausch-Health-Announces-Fourth-Quarter-and-Full-Year-2022-Results |title=Bausch Health Announces Fourth-Quarter and Full-Year 2022 Results |date=23 February 2023 |publisher=Accesswire}}</ref>
}}

'''Bausch Health Companies Inc.''' (formerly '''Valeant Pharmaceuticals International, Inc.)''' is an American-Canadian multinational specialty pharmaceutical company based in Laval, Quebec, Canada. It develops, manufactures and markets pharmaceutical products and branded [[Social:Generic drug|generic drug]]s, primarily for skin diseases, gastrointestinal disorders, eye health and [[Biology:Neurology|neurology]]. Bausch Health owns Bausch & Lomb, a supplier of eye health products. Bausch Health's business model is primarily focused on acquiring small pharmaceutical companies and then sharply increasing the prices of the drugs these companies sell.<ref>{{Cite web |last=Sagonowsky |first=Eric |date=August 16, 2019 |title=Bausch may have shed the Valeant name, but it still leans on price hikes: analyst |url=https://www.fiercepharma.com/pharma/bausch-even-after-shedding-valeant-name-still-leans-price-hikes-analyst |website=Fiercepharma.com}}</ref>

Valeant was originally founded in 1959, as ICN Pharmaceuticals by Milan Panić in California. During the 2010s, Valeant adopted a strategy of buying up other pharmaceutical companies which manufactured effective medications for a variety of medical problems, and then increasing the price of those medications. As a result, the company grew rapidly and in 2015 was the most valuable company in Canada.

Valeant was involved in a number of controversies surrounding drug price hikes and the use of a [[Chemistry:Specialty pharmacy|specialty pharmacy]] for the distribution of its drugs. This led to an investigation by the U.S. Securities and Exchange Commission, causing its stock price to plummet more than 90 percent from its peak, while its debt surpassed $30 billion. In July 2018, the name of the company was changed to Bausch Health Companies Inc., in order to distance itself from the public outrage associated with massive price increases introduced by Valeant. At the same time, a new [[Ticker symbol|ticker symbol]], '''BHC''' replaced '''VRX'''.<ref>{{Cite news|url=https://www.nytimes.com/2018/05/08/health/valeant-name-bausch-drugs.html|title=Valeant, Distancing Itself From Its Past, Will Change Its Name to Bausch Health|date=2018-05-08|work=The New York Times|access-date=2018-05-08|language=en-US|issn=0362-4331}}</ref>

==History==

===1959–2002: the Panić years===
[[File:Milan Panić.JPG|thumb|Milan Panić founded ICN Pharmaceuticals in 1959]]
In 1959, Yugoslavian immigrant Milan Panić, who had defected to the US three years earlier, founded ICN Pharmaceuticals (International Chemical and Nuclear Corporation) in his Pasadena garage. Panić ran the company for 43 years, during which ICN established a foothold in the industry by acquiring niche pharmaceuticals and through the development of [[Chemistry:Ribavirin|Ribavirin]], an antiviral drug that became the standard treatment for [[Medicine:Hepatitis C|hepatitis C]].<ref>{{Cite web|title = Allergan Fight Conjures Ghost of O.C.'s Past|url = http://www.ocregister.com/articles/panic-614449-company-valeant.html|website = The Orange County Register|date = 19 May 2014}}</ref>

In 1994, ICN merged with SPI Pharmaceuticals Inc., Viratek Inc., and ICN Biomedicals Inc.<ref>{{cite news | url=https://www.nytimes.com/1994/11/03/business/company-news-shareholders-approve-icn-pharmaceuticals-merger.html | title=Shareholders Approve ICN Pharmaceuticals Merger | work={{wipe|The New York Times}} | date=November 3, 1994}}</ref>

On June 12, 2002, following a series of controversies, Panić was forced to retire under pressure from shareholders.<ref>{{Cite web|title = Panic Gone, New ICN Team Finds Finances in Disarray | url = http://labusinessjournal.com/accounts/login/?next=/news/2002/jul/29/panic-gone-new-icn-team-finds-finances-in-disarray/|website = Los Angeles Business Journal |date = 29 July 2002}}</ref>

===2002–2010: Rebranding as Valeant===
In 2003, not long after Panić's ouster, ICN changed its name to Valeant.<ref>{{cite press release | url=http://www.prnewswire.com/news-releases/icn-pharmaceuticals-inc-changes-its-name-to-valeant-pharmaceuticals-international-72992612.html | title=ICN Pharmaceuticals, Inc. Changes Its Name To Valeant Pharmaceuticals International | publisher=PRNewswire | date=November 12, 2003 | access-date=March 28, 2016 | archive-url=https://web.archive.org/web/20160409123011/http://www.prnewswire.com/news-releases/icn-pharmaceuticals-inc-changes-its-name-to-valeant-pharmaceuticals-international-72992612.html | archive-date=April 9, 2016 | url-status=dead }}</ref> In 2006, the company received approval in the U.S. to market Cesamet (nabilone), a synthetic cannabinoid.<ref>{{cite press release | url=http://www.businesswire.com/news/home/20060817005222/en/Valeant-Pharmaceuticals-Announces-U.S.-Availability-Cesamet-TM | title=Valeant Pharmaceuticals Announces U.S. Availability of Cesamet(TM) (CII) and Initiates Post-Marketing Clinical Trial | publisher=PRNewswire | date=August 17, 2006}}</ref> The company also acquired the European rights to the drug for $14 million.<ref>{{cite press release | url=http://www.businesswire.com/news/home/20070215005880/en/Valeant-Pharmaceuticals-Acquires-Rights-Nabilone-United-Kingdom | title=Valeant Pharmaceuticals Acquires Rights to Nabilone in United Kingdom and Europe | publisher=PRNewswire | date=February 15, 2007}}</ref>

In 2008, the Swedish pharmaceutical company Meda AB bought Western and Eastern Europe branches from Valeant for $392 million.<ref>{{cite press release | url=http://www.biospace.com/news_story.aspx?NewsEntityId=105546 | title=Sweden's Meda AB Buys American Valeant Pharmaceuticals International Units for 392 Million | date=August 4, 2008 | publisher={{wipe|Business Wire}} | access-date=October 7, 2014 | url-status=dead | archive-url=https://web.archive.org/web/20141011165706/http://www.biospace.com/news_story.aspx?NewsEntityId=105546 | archive-date=October 11, 2014 | df=mdy-all }}</ref> In September 2008, Valeant acquired Coria Laboratories for $95 million.<ref>{{cite press release | url=http://www.businesswire.com/news/home/20081016005284/en/Valeant-Pharmaceuticals-Completes-Acquisition-Coria-Laboratories-Ltd. | title=Valeant Pharmaceuticals Completes Acquisition of Coria Laboratories, Ltd. | publisher={{wipe|Business Wire}} | date=October 16, 2008}}</ref> In November 2008, Valeant acquired DermaTech for $12.6 million.<ref>{{cite press release | url=http://www.businesswire.com/news/home/20081114005189/en/Valeant-Pharmaceuticals-Acquires-DermaTech | title=Valeant Pharmaceuticals Acquires DermaTech | publisher={{wipe|Business Wire}} | date=November 14, 2008}}</ref>

In January 2009, Valeant acquired Dow Pharmaceutical Sciences for $285 million.<ref>{{cite press release | url=http://www.businesswire.com/news/home/20090109005091/en/Dow-Pharmaceutical-Sciences-Wholly-Owned-Subsidiary-Acquisition | title=Dow Pharmaceutical Sciences Becomes Wholly Owned Subsidiary as Acquisition by Valeant Pharmaceuticals International is Completed | publisher={{wipe|Business Wire}} | date=January 9, 2009}}</ref> In July 2009, Valeant announced its acquisition of Tecnofarma, a Mexican [[Social:Generic drug|generic drug]] company.<ref>{{cite press release | url=http://www.prnewswire.com/news-releases/valeant-to-acquire-tecnofarma-a-mexican-generic-company-62260132.html | title=Valeant to Acquire Tecnofarma, A Mexican Generic Company | publisher=PRNewswire | date=July 29, 2009 | access-date=March 23, 2016 | archive-url=https://web.archive.org/web/20160405062112/http://www.prnewswire.com/news-releases/valeant-to-acquire-tecnofarma-a-mexican-generic-company-62260132.html | archive-date=April 5, 2016 | url-status=dead }}</ref> In December 2009, Valeant announced its Canadian subsidiary would acquire Laboratoire Dr. Renaud, for C$23 million.<ref>{{cite press release | url=http://www.prnewswire.com/news-releases/valeant-to-acquire-laboratoire-dr-renaud-in-canada-78674882.html | title=Valeant to Acquire Laboratoire Dr. Renaud in Canada | publisher=PRNewswire | date=December 7, 2009 | access-date=March 23, 2016 | archive-url=https://web.archive.org/web/20160405051813/http://www.prnewswire.com/news-releases/valeant-to-acquire-laboratoire-dr-renaud-in-canada-78674882.html | archive-date=April 5, 2016 | url-status=dead }}</ref>

In March 2010, Valeant announced its acquisition of a Brazilian generics and over-the-counter company for $28 million and manufacturing plant for a further $28 million.<ref>{{cite press release | url=http://www.prnewswire.com/news-releases/valeant-to-acquire-branded-genericsotc-company-in-brazil-88544767.html | title=Valeant to Acquire Branded Generics/OTC Company in Brazil | publisher=PRNewswire | date=March 19, 2010}}</ref> In April 2010, Valeant announced that its Canadian subsidiary would acquire Vital Science Corp. for C$10.5 million.<ref>{{cite press release | url=http://www.prnewswire.com/news-releases/valeant-to-acquire-vital-science-corp-in-canada-92300709.html | title=Valeant to Acquire Vital Science Corp. in Canada | date=April 28, 2010}}</ref> In May 2010, Valeant acquired Aton Pharmaceuticals for $318 million.<ref>{{cite press release | url=http://www.prnewswire.com/news-releases/valeant-pharmaceuticals-completes-acquisition-of-aton-pharma-inc-95007299.html | title=Valeant Pharmaceuticals Completes Acquisition of Aton Pharma, Inc. | publisher=PRNewswire | date=May 27, 2010}}</ref><ref>{{cite news| url=https://www.reuters.com/article/valeant-idCNSGE6420HF20100503?rpc=44 | publisher={{wipe|Reuters}} | title=UPDATE 1-Valeant Q1 profit beats Street; to acquire Aton Pharma | date=May 3, 2010}}</ref>

===2010–2016: the Pearson years===
On September 28, 2010, Valeant merged with Biovail. The company retained the Valeant name and J. Michael Pearson as CEO, but was incorporated in Canada and temporarily kept Biovail's headquarters.<ref>{{cite press release | url=http://www.prnewswire.com/news-releases/valeant-and-biovail-complete-merger-103909108.html | title=Valeant and Biovail Complete Merger | publisher=PRNewswire | date=September 28, 2010}}</ref><ref>{{cite news | url=https://www.reuters.com/article/us-biovail-valeant-idUSTRE65K1LA20100621 | work=Reuters | title=Drugmaker Biovail to buy Valeant in $3.3 billion deal | date=June 21, 2010 | access-date=July 3, 2017 | archive-date=October 6, 2015 | archive-url=https://web.archive.org/web/20151006080239/http://www.reuters.com/article/2010/06/21/us-biovail-valeant-idUSTRE65K1LA20100621 | url-status=live }}</ref> Setting on a path of aggressive acquisitions, Pearson ultimately turned Valeant into a platform company that grows by systematically acquiring other companies.

In February 2011, Valeant acquired PharmaSwiss S.A. for €350 million.<ref>{{cite press release | url=http://www.prnewswire.com/news-releases/valeant-pharmaceuticals-to-acquire-pharmaswiss-sa-114989039.html | title=Valeant Pharmaceuticals to Acquire PharmaSwiss S.A. | publisher=PR Newswire | date=February 1, 2011}}</ref> In May 2011, former Biovail Corporation Chairman and CEO Eugene Melnyk was banned from senior roles at public companies in Canada for five years and penalized to pay $565,000 by the Ontario Securities Commission. In the year before the merger with Valeant, Melnyk had settled by the United States Securities and Exchange Commission (SEC), and agreed to pay a civil penalty of $150,000 after having previously paid $1 million to settle other claims with the SEC.<ref name="FP_Melnyk">{{cite web| url=http://business.financialpost.com/news/fp-street/melnyk-could-face-5-year-ban-from-the-boardroom | title=Senators owner Melnyk banned for five years from boardrooms of public companies | publisher=The Financial Post | author=Shector, Barbara | date=May 5, 2011 | access-date=October 5, 2015}}</ref> In July 2011, Valeant acquired Ortho Dermatologics from Janssen Pharmaceuticals for $345 million. The acquisition included the products Retin-A Micro, Ertaczo, and Renova, also known as [[Chemistry:Tretinoin|tretinoin]].<ref>{{cite press release | url=http://www.prnewswire.com/news-releases/valeant-pharmaceuticals-agrees-to-acquire-ortho-dermatologics-125626558.html | title=Valeant Pharmaceuticals Agrees to Acquire Certain Assets from Atlantis Pharma in Mexico | publisher=PR Newswire | date=April 18, 2012}}</ref> In August 2011, Valeant acquired 87.2% of the outstanding shares of Sanitas Group for €314 million.<ref>{{cite press release | url=http://www.prnewswire.com/news-releases/valeant-pharmaceuticals-agrees-to-acquire-sanitas-group-for-approximately-eur314-million-in-cash-122486683.html | title=Valeant Pharmaceuticals Agrees to Acquire Sanitas Group for Approximately EUR314 Million in Cash | publisher=PR Newswire | access-date=October 7, 2014 | date=May 24, 2011}}</ref> In December 2011, Valeant acquired iNova Pharmaceuticals for A$625 million from Australian [[Finance:Private equity|private equity]] firms Archer Capital with additional milestone payments of up to A$75 million.<ref>{{cite press release | url=http://www.prnewswire.com/news-releases/valeant-pharmaceuticals-agrees-to-acquire-inova-134221673.html | title=Valeant Pharmaceuticals Agrees to Acquire iNova | publisher=PR Newswire | access-date=October 7, 2014 | date=November 20, 2011}}</ref> In December 2011, Valeant acquired Dermik, a dermatology unit of [[Company:Sanofi|Sanofi]].<ref>{{cite press release | url=http://www.prnewswire.com/news-releases/valeant-pharmaceuticals-completes-acquisition-of-dermik-135850098.html | title=Valeant Pharmaceuticals Completes Acquisition of Dermik | publisher=PR Newswire | access-date=October 7, 2014 | date=December 19, 2011}}</ref>

In January 2012, Valeant acquired Brazilian sports nutrition company Probiotica for R$150 million.<ref>{{cite press release | url=http://www.prnewswire.com/news-releases/valeant-pharmaceuticals-acquires-probiotica-in-brazil-138473969.html | title=Valeant Pharmaceuticals Acquires Probiotica in Brazil | publisher=PR Newswire | access-date=October 7, 2014 | date=February 1, 2012}}</ref> In February 2012, Valeant acquired [[Medicine:Ophthalmology|ophthalmic]] [[Engineering:Biotechnology|biotechnology]] company Eyetech Inc.<ref>{{cite press release | url=http://www.prnewswire.com/news-releases/valeant-pharmaceuticals-to-acquire-eyetech-139207929.html | title=Valeant Pharmaceuticals to Acquire Eyetech | publisher=PR Newswire | access-date=October 7, 2014 | date=February 13, 2012}}</ref> In April 2012, Valeant acquired Pedinol.<ref>{{cite press release | url=http://www.prnewswire.com/news-releases/valeant-pharmaceuticals-to-acquire-pedinol-147136575.html | title=Valeant Pharmaceuticals to Acquire Pedinol | publisher=PR Newswire | access-date=October 7, 2014 | date=April 12, 2012}}</ref> In April 2012, Valeant acquired assets from Atlantis Pharma in Mexico for $71 million.<ref>{{cite press release | url=http://www.prnewswire.com/news-releases/valeant-pharmaceuticals-agrees-to-acquire-certain-assets-from-atlantis-pharma-in-mexico-147895305.html | title=Valeant Pharmaceuticals Agrees to Acquire Certain Assets from Atlantis Pharma in Mexico | publisher=PR Newswire | date=April 18, 2012}}</ref> In May 2012, Valeant acquired AcneFree for $64 million plus milestone payments.<ref>{{cite press release | url=http://www.prnewswire.com/news-releases/valeant-pharmaceuticals-agrees-to-acquire-acnefree-and-certain-assets-from-university-medical-149986365.html | title=Valeant Pharmaceuticals Agrees To Acquire AcneFree And Certain Assets From University Medical | publisher=PR Newswire | date=May 3, 2012}}</ref> In June 2012, Valeant acquired OraPharma for approximately $312 million with up to $144 million being paid in milestone payments.<ref>{{cite press release | url=http://www.prnewswire.com/news-releases/valeant-pharmaceuticals-agrees-to-acquire-orapharma-159173125.html | title=Valeant Pharmaceuticals Agrees To Acquire OraPharma | publisher=PR Newswire | access-date=October 7, 2014 | date=June 15, 2012}}</ref> In August 2012, Valeant agreed to buy skin-care company Medicis Pharmaceutical for $2.6 billion.<ref>{{cite news|title=Valeant To Acquire Medicis for $2.6 Billion|date=September 3, 2012|work=Forbes Magazine|url=https://www.forbes.com/sites/davidmaris/2012/09/03/valeant-to-acquire-medicis-for-2-6-billion/|access-date=June 2, 2013|first=David|last=Maris}}</ref><ref>{{cite press release | url=http://www.prnewswire.com/news-releases/valeant-pharmaceuticals-international-inc-agrees-to-acquire-medicis-pharmaceutical-corporation-for-4400-per-share-in-cash-168380916.html | title=Valeant Pharmaceuticals International, Inc. Agrees To Acquire Medicis Pharmaceutical Corporation For $44.00 Per Share In Cash | publisher=PR Newswire | date=September 3, 2012 }}</ref> In January 2013, Valeant acquired the Russian company Natur Produkt for $163 million.<ref>{{cite press release | url=http://www.prnewswire.com/news-releases/valeant-completes-acquisition-of-natur-produkt-in-russia-189358361.html | title=Valeant Completes Acquisition Of Natur Produkt In Russia | publisher=PR Newswire | access-date=October 7, 2014 | date=February 1, 2013}}</ref> In March 2013, Valeant acquired Obagi Medical Products, Inc.<ref>{{cite press release | url=http://www.prnewswire.com/news-releases/valeant-pharmaceuticals-international-inc-agrees-to-acquire-obagi-medical-products-inc-for-1975-per-share-in-cash-199134671.html |title=Valeant Pharmaceuticals International, Inc. Agrees to Acquire Obagi Medical Products, Inc. for $19.75 Per Share in Cash | publisher=PR Newswire | access-date=October 7, 2014 | date=March 20, 2013}}</ref> In May 2013, the company acquired Bausch & Lomb from Warburg Pincus for $8.7 billion in a move to dominate the market for specialty contact lenses and related products.<ref>{{cite news | url=https://www.reuters.com/article/us-valeant-pharmacies-lenses-insight-idUSKCN0SN0CC20151029 | title=Valeant's ambitious plan for its contact lens business | publisher={{wipe|Reuters}} | author=Carl O'Donnell | date=October 29, 2015}}</ref><ref>{{cite press release | url=http://www.prnewswire.com/news-releases/valeant-pharmaceuticals-international-inc-to-acquire-bausch--lomb-for-87-billion-209046661.html | title=Valeant Pharmaceuticals International, Inc. To Acquire Bausch + Lomb For $8.7 Billion | publisher=PR Newswire | date=May 27, 2013}}</ref><ref>{{Cite web|url=https://www.bloomberg.com/news/articles/2013-05-27/valeant-agrees-to-buy-bausch-lomb-for-4-5-billion-cash|title=Valeant Agrees to Buy Bausch & Lomb in $8.7 Billion Deal|date=2013-05-28|website=Bloomberg|access-date=2020-04-28}}</ref>

In January 2014, Valeant acquired Solta Medical for approximately $250 million.<ref>{{cite press release | url=http://www.prnewswire.com/news-releases/valeant-pharmaceuticals-international-inc-completes-acquisition-of-solta-medical-inc-241716801.html | title=Valeant Pharmaceuticals International, Inc. Completes Acquisition Of Solta Medical, Inc. | publisher=PRNewswire | date=January 23, 2014}}</ref> In May 2014, Nestle acquired the commercial rights to  some of Valeant's products for $1.4 billion.<ref>{{cite news | title=Nestle acquires rights to Valeant skincare products | url=https://www.bloomberg.com/news/2014-05-28/nestle-to-buy-skin-care-rights-from-valeant-for-1-4-billion.html | publisher=[[Company:Bloomberg L.P.|Bloomberg L.P.]] | first=Patrick|last=Winters|date=May 28, 2014|access-date=May 29, 2014}}</ref> In July 2014, Valeant acquired PreCision Dermatology Inc for $475 million.<ref>{{cite press release | url=http://www.prnewswire.com/news-releases/valeant-pharmaceuticals-completes-acquisition-of-precision-dermatology-266193261.html | title=Valeant Pharmaceuticals Completes Acquisition Of PreCision Dermatology | publisher=PRNewswire | date=July 8, 2014}}</ref><ref>{{cite news| title=Valeant to buy PreCision Dermatology for $475 million| author=Euan Rocha| publisher={{wipe|Reuters}}| url=https://www.reuters.com/article/us-valeantpharmaceuticals-acquisition-idUSBREA120S320140203| date=February 4, 2014| access-date=July 3, 2017| archive-date=November 2, 2015| archive-url=https://web.archive.org/web/20151102051635/http://www.reuters.com/article/2014/02/03/us-valeantpharmaceuticals-acquisition-idUSBREA120S320140203| url-status=live}}</ref> Along with hedge fund manager Bill Ackman, Valeant made a bid to acquire [[Company:Allergan|Allergan]]; however, in November 2014, Allergan announced that it would be acquired by [[Company:Actavis|Actavis]] in a $66 billion transaction.<ref>{{cite news | url=https://www.bloomberg.com/news/2014-11-17/actavis-to-buy-allergan-for-66-billion-tops-valeant-bid.html | title=Actavis to Buy Allergan for $66 Billion, Tops Valeant Bid | author=David Welch | publisher=[[Company:Bloomberg L.P.|Bloomberg L.P.]] | date=November 17, 2014}}</ref><ref>{{cite news | url=https://dealbook.nytimes.com/2014/11/17/allergan-agrees-to-be-sold-to-actavis/ | title=Allergan Escapes Valeant's Pursuit, Agreeing to Be Bought by Actavis | author=David Gelles | work={{wipe|The New York Times}} | date=November 17, 2014}}</ref> Valeant and Pershing Square were subsequently accused of [[Insider trading|insider trading]] prior to their Allergan bid, and eventually settled the case in 2017.<ref>{{Cite web|url=https://www.cnbc.com/2014/08/01/allergan-files-lawsuit-in-federal-court-against-valeant-and-pershing-square.html|title=Allergan sues Ackman, Valeant, alleging insider trading|date=2014-08-01|website=CNBC|language=en|access-date=2020-04-28}}</ref>

On April 1, 2015, Valeant completed the purchase of gastrointestinal treatment drug developer Salix Pharmaceuticals for $14.5 billion after outbidding Endo Pharmaceuticals.<ref>{{cite press release | url=http://www.prnewswire.com/news-releases/valeant-pharmaceuticals-international-inc-completes-tender-offer-for-salix-pharmaceuticals-ltd-300059134.html | title=Valeant Pharmaceuticals International, Inc. Completes Tender Offer For Salix Pharmaceuticals, Ltd. | publisher=PRNewswire | date=April 1, 2015}}</ref><ref>{{cite web|url=http://www.genengnews.com/gen-news-highlights/endo-ends-effort-to-wrest-merger-bound-salix-from-valeant/81251037/|title=Endo Ends Effort to Wrest Merger-Bound Salix from Valeant|date=16 March 2015 |publisher=Genetic Engineering & Biotechnology News}}</ref><ref>{{Cite news|url=https://www.reuters.com/article/us-salix-valeant-pharms-idUSKBN0MS4FF20150401|title=Drugmaker Valeant completes $11 billion purchase of Salix|date=2015-04-01|work=Reuters|access-date=2020-04-28|language=en}}</ref> On the final day of trading, Salix shares traded for $172.81, giving a market capitalisation of $10.9 billion. After the acquisition, Valeant raised the price of the [[Medicine:Diabetes|diabetes]] pill Glumetza drastically.<ref name="globeandmail">{{cite news | title=Regulators circle as Valeant's business model in focus | work=The Globe and Mail | date=October 5, 2015 }}</ref><ref name="NYT_04_Oct_2015">{{Cite news|title=Valeant's Drug Price Strategy Enriches It, but Infuriates Patients and Lawmakers|url=https://www.nytimes.com/2015/10/05/business/valeants-drug-price-strategy-enriches-it-but-infuriates-patients-and-lawmakers.html|newspaper={{wipe|The New York Times}}|date=October 4, 2015|access-date=October 4, 2015|issn=0362-4331|first1=Andrew|last1=Pollack|first2=Sabrina|last2=Tavernise}}</ref> In July 2015, the company announced it would acquire Mercury (Cayman) Holdings, the [[Social:Holding company|holding company]] of Amoun Pharmaceutical, one of Egypt's largest drugmakers, for $800 million.<ref>{{cite press release | url=http://www.prnewswire.com/news-releases/valeant-pharmaceuticals-agrees-to-acquire-amoun-pharmaceutical-300114795.html | title=Valeant Pharmaceuticals Agrees To Acquire Amoun Pharmaceutical | publisher=PRNewswire | date=July 17, 2015}}</ref><ref>{{cite web|url=http://www.fiercepharma.com/story/valeant-grabs-middle-eastern-foothold-800m-pact-egypts-amoun/2015-07-17|title=Valeant grabs a Middle Eastern foothold with $800M pact for Egypt's Amoun|work=FiercePharma|date=17 July 2015 }}</ref> In August 2015, Valeant said it would purchase Sprout Pharmaceuticals Inc for $1 billion, a day after Sprout received approval to market the women's [[Philosophy:Libido|libido]] drug Addyi.<ref>{{cite press release | url=http://www.prnewswire.com/news-releases/valeant-pharmaceuticals-to-acquire-sprout-pharmaceuticals-300131224.html | title=Valeant Pharmaceuticals To Acquire Sprout Pharmaceuticals | publisher=PRNewswire | date=August 20, 2015}}</ref><ref>{{cite news| url=https://www.bloomberg.com/news/articles/2015-08-20/valeant-pharma-to-buy-female-libido-drug-maker-for-1-billion | publisher=[[Company:Bloomberg L.P.|Bloomberg L.P.]] | first=Caroline | last=Chen | title=Valeant Buys Female Libido-Drug Maker Sprout for $1 Billion | date=20 August 2015}}</ref><ref>{{cite news |last=Rockoff|first=Jonathan|date=20 August 2015|title=Valeant to Buy Maker of Women's Libido Drug for $1 Billion|url=https://www.wsj.com/articles/valeant-confirms-1-billion-deal-for-maker-of-womens-libido-drug-1440070883|newspaper={{wipe|The Wall Street Journal}}|access-date=20 August 2015}}</ref> In September 2015, Valeant licensed [[Medicine:Psoriasis|psoriasis]] drug [[Chemistry:Brodalumab|Brodalumab]] from [[Company:AstraZeneca|AstraZeneca]] for up to $445 million.<ref>{{cite web|url=http://www.genengnews.com/gen-news-highlights/valeant-licenses-brodalumab-from-astrazeneca-for-up-to-445m/81251687/|title=Valeant Licenses Brodalumab from AstraZeneca for Up to $445M|date=September 2015 | publisher=Genetic Engineering Biotechnology News}}</ref><ref>{{cite web|url=http://www.fiercebiotech.com/story/astrazeneca-auctions-troubled-psoriasis-drug-valeant-445m/2015-09-01|title=AstraZeneca auctions off troubled psoriasis drug to Valeant in $445M deal|work=FierceBiotech|date=September 2015 }}</ref> In September 2015, the company announced its intention to acquire [[Medicine:Eye surgery|eye surgery]] product manufacturer Synergetics USA, for $192 million in order to strengthen the company's Bausch & Lomb division.<ref>{{cite web|url=http://www.cbc.ca/news/business/quebec-s-valeant-buys-synergetics-usa-for-192m-1.3213433|title=Quebec's Valeant buys Synergetics USA for $192M|date=2 September 2015|work=cbc.ca}}</ref><ref>{{cite press release | url=http://www.prnewswire.com/news-releases/valeant-pharmaceuticals-to-acquire-synergetics-usa-300136664.html | title=Valeant Pharmaceuticals To Acquire Synergetics USA | publisher=PRNewswire | date=September 2, 2015}}</ref> In October 2015, the company's Bausch & Lomb division acquired Doctor's Allergy Formula for an undisclosed sum.<ref name="ocular">{{citation |url=http://www.fiercemedicaldevices.com/story/valeant-acquire-office-noninvasive-ocular-allergy-dx-startup-doctors-allerg/2015-10-20 |title=Valeant to acquire in-office noninvasive ocular allergy Dx startup Doctor's Allergy |date=20 October 2015 |access-date=13 November 2015 |work=Fierce Medical Devices |author=Lawrence, Stacy }}</ref>

On October 21, 2015, Citron Research founder Andrew Left, a [[Finance:Short|short seller]] of Valeant shares, published claims that Valeant recorded false sales of products to [[Chemistry:Specialty pharmacy|specialty pharmacy]] Philidor Rx Services and its affiliates. These specialty companies were controlled by Valeant, and allegedly resulted in improper bookkeeping of revenues.<ref>{{Cite web|url=http://www.citronresearch.com/wp-content/uploads/2015/10/Valeant-Philador-and-RandO-final-a.pdf|title=Valeant: Could this be the Pharmaceutical Enron?}}</ref> In addition, by controlling the pharmacy services offered by Philidor, Valeant allegedly steered Philidor's customers to expensive drugs sold by Valeant. One alleged practice entailed Valeant employees directly managing Philidor's business operations while posing as Philidor employees, and with all written communication under fictitious names.<ref>{{Cite news | title=Valeant and Pharmacy More Intertwined Than Thought | url=https://www.wsj.com/articles/valeants-ties-to-pharmacy-scrutinized-1445817449 | newspaper=Wall Street Journal | access-date=October 10, 2015 | issn=0099-9660 | first1=Jonathan D. | last1=Rockoff | first2 = Jeanne | last2=Whalen}}{{subscription required}}</ref> Valeant responded that the allegations by Citron Research were "erroneous."<ref name="CalgaryHerald_2015_10">{{cite web | url=http://www.pressreader.com/canada/calgary-herald/20151022/282273844216418/TextView | title=Valeant stocks plunge, trading halted | work=Calgary Herald | date=October 22, 2015 | access-date=October 22, 2015 | author=van der Linde, Damon}}</ref> On October 30, 2015, Valeant said that it would cut ties with Philidor in response to allegations of aggressive billing practices.<ref name="Bloomberg_2015">{{cite web | url=https://www.bloomberg.com/news/articles/2015-10-30/valeant-says-it-s-cutting-ties-with-troubled-pharmacy-philidor | title=Valeant Says It's Cutting Ties With Troubled Pharmacy Philidor | publisher=Bloomberg | date=October 30, 2015 | access-date=October 31, 2015 | author1=Armstrong, Drew | author2=Kitamura, Makiko}}</ref> [[Company:Walgreens Boots Alliance|Walgreens Boots Alliance]] Inc, owner of Walgreens, took over distribution for Valeant.<ref>{{cite news |url=http://www.ft.com/intl/cms/s/0/c754b4d2-a345-11e5-bc70-7ff6d4fd203a.html#axzz44DXnDamt |archive-url=https://ghostarchive.org/archive/20221211231228/https://www.ft.com/content/c754b4d2-a345-11e5-bc70-7ff6d4fd203a#axzz44DXnDamt |archive-date=2022-12-11 |url-access=subscription |url-status=live |title=Valeant signs drug deal with Walgreens |publisher=[[Social:Financial Times|Financial Times]] |date=December 15, 2015 |access-date=2016-03-28 }}</ref>

In 2018, Gary Tanner, who was a former Valeant executive, and Andrew Davenport, the former chief executive of Philidor Rx Services, were prosecuted over a kickback scheme. They were sentenced to a year in prison after being convicted on four charges, including wire fraud and conspiracy to commit money laundering. They were also ordered to forfeit $9.7 million in kickbacks. Tanner had been responsible for managing Valeant’s relationship with Philidor as well as Valeant’s “alternative fulfillment” program, which the company used to increase prescriptions for its own (expensive) drugs instead of generic substitutes.<ref>[https://www.cnbc.com/2018/10/30/ex-valeant-philidor-executives-get-prison-for-fraud.html Ex-Valeant, Philidor executives get prison for fraud], CNBC, 30 October 2018</ref>

An important part of the growth strategy for Valeant under Michael Pearson had been the acquisition of medical and pharmaceutical companies and the subsequent price increases for their products.<ref name=agrees>{{cite news|title=Valeant Agrees to Buy Bausch & Lomb in $8.7 Billion Deal|author=Alex Wayne|date=May 28, 2013|work=Bloomberg|url=https://www.bloomberg.com/news/2013-05-27/valeant-agrees-to-buy-bausch-lomb-for-4-5-billion-cash.html|access-date=May 28, 2013}}</ref><ref name="calgary_herald_20151016">{{cite web | url=http://www.pressreader.com/canada/calgary-herald/20151016/282067685775652/TextView | title=Valeant Pharmaceuticals pricing controversy attracts scrutiny | publisher=Calgary Herald | date=16 October 2015 | access-date=16 October 2015 | author=Van der Linde, Damon}}</ref> Valeant's strategy of exponential price increases on life-saving medicines was at the time described by [[Company:Berkshire Hathaway|Berkshire Hathaway]] vice chairman Charlie Munger as "deeply immoral" and "similar to the worst abuses in for-profit education."<ref>{{cite web | url=https://www.bloomberg.com/news/articles/2015-11-01/munger-isn-t-done-bashing-valeant-after-months-of-holding-nose|title=Charlie Munger Isn't Done Bashing Valeant | author=Noah Buhayar, Charles Stein | date=1 November 2015 | work=Bloomberg.com | access-date=26 December 2015}}</ref> This strategy had also attracted the attention of regulators in the United States,<ref name="calgary_herald_20151016" /> particularly after the publication in ''{{wipe|The New York Times}}'' of an article on [[Finance:Price gouging|price gouging]] of specialty drugs.<ref name="nytimes_20Sep_2015">{{cite web | url=https://www.nytimes.com/2015/09/21/business/a-huge-overnight-increase-in-a-drugs-price-raises-protests.html?smid=tw-nytimes&smtyp=cur | title=Drug Goes From $13.50 a Tablet to $750, Overnight | work={{wipe|The New York Times}} | date= September 20, 2015 | access-date=October 15, 2015 | author=Pollack, Andrew}}</ref><ref name="Forbes">{{citation |url=https://www.forbes.com/profile/j-michael-pearson/?list=billionaires | title=#1741 J. Michael Pearson | work=Forbes |access-date=October 5, 2015 |date=nd}}</ref><ref name="NYT_2_Oct_2015">{{cite news |url=https://www.nytimes.com/2015/10/04/business/valeants-high-price-drug-strategy.html |title=Valeant's High-Price Drug Strategy |date=October 2, 2015 |access-date=October 2, 2015 |author=Morgenson, Gretchen|work=The New York Times }}</ref><ref name="FT" /><ref name="fiercepharma" /><ref name="globeandmail" />

In September 2015, an influential group of politicians criticized Valeant on its pricing strategies.<ref name="FT">{{cite web |url=http://www.ft.com/intl/cms/s/0/6cf3be50-660c-11e5-a57f-21b88f7d973f.html |archive-url=https://ghostarchive.org/archive/20221211231238/https://www.ft.com/content/6cf3be50-660c-11e5-a57f-21b88f7d973f |archive-date=2022-12-11 |url-access=subscription |url-status=live |title=Valeant hit by political criticism of drug company pricing |work=[[Social:Financial Times|Financial Times]] |date=September 28, 2015 |access-date=5 October 2015 }}</ref> The company raised prices on all its brand name drugs 66% in 2015, five times more than its closest industry peer. The cost of Valeant [[Chemistry:Flucytosine|flucytosine]] was 10,000% higher in the United States than in Europe.<ref name="fiercepharma">{{cite web|url=http://www.fiercepharma.com/story/valeants-price-hike-strategy-goes-far-beyond-two-high-profile-increases/2015-10-05|title=Valeant's price-hike strategy goes far beyond two high-profile increases|work=FiercePharma|date=October 5, 2015 }}</ref><ref name="Fortune">{{cite web|url=http://fortune.com/2015/09/28/democrats-valeant-questioning-drug-prices/|title=Biotech stocks dive as lawmakers take aim at Valeant for drug price hikes|work=Fortune Magazine}}</ref> In late September 2015, members of the United States House Committee on Oversight and Government Reform urged the Committee to subpoena Valeant for their documents regarding the sharp increases in the price of "two heart medications it had just bought the rights to sell: Nitropress and Isuprel. Valeant had raised the price of Nitropress by 212% and Isuprel by 525%".<ref name="NYT_2_Oct_2015" /><ref name="NYT_04_Oct_2015" />

By October 2015, Valeant had received subpoenas from the U.S. Attorney's Office for the District of Massachusetts and the United States Attorney for the Southern District of New York in regards to an investigation on Valeant's "drug pricing, distribution and patient assistance program."<ref name="huffingtonpost_15Oct_2015">{{cite web | url=http://www.huffingtonpost.ca/2015/10/15/valeant-subpoena_n_8301490.html | title=Valeant Pharmaceuticals Subpeonaed In U.S. After Price-Gouging Allegations | publisher=The Huffington Post via The Canadian Press and the Associated Press | date=October 15, 2015 | access-date=October 15, 2015 | location=New York}}</ref> The House Oversight Committee also requested documents from Valeant amid public concern around drug prices.<ref>{{cite web|url=http://www.fiercepharma.com/story/shkreli-valeant-ceo-set-grilling-congressional-price-hike-hearing/2016-01-19|title=Shkreli, Valeant CEO set for a grilling at congressional price-hike hearing|work=FiercePharma|date=19 January 2016 }}</ref><ref>{{cite web|url=https://www.wsj.com/articles/valeant-pharmaceutical-interim-ceo-to-testify-before-congress-next-week-1453330153|title=Valeant Pharmaceutical Interim CEO to Testify Before Congress Next Week|author=Jonathan D. Rockoff|date=January 20, 2016|work=WSJ}}</ref>

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In October 2015, the Federal Trade Commission began an investigation into Valeant's increasing control of the production of rigid gas permeable contact lenses. Valeant's acquisition of Bausch & Lomb in 2013, and Paragon Vision Services in 2015, is alleged to have given the company control of over 80% of the production pipeline for hard contact lenses. A series of unilateral price increases beginning in Fall 2015 spurred the FTC's investigation.<ref>{{cite news | last1=Ornstein | first1=Charles | title=Federal Investigators Looking at Valeant's Contact Lens Dealings | url=https://www.propublica.org/article/federal-investigators-looking-at-valeant-contact-lens-dealings | date=October 27, 2015 | publisher=ProPublica}}</ref> On November 15, 2016, Valeant agreed to divest itself of Paragon Holdings and Pelican Products to settle charges that its May 2015 acquisition of Paragon reduced competition for the sale of FDA-approved "buttons", the polymer discs used to make gas permeable contact lenses.<ref>{{cite web|url=https://www.ftc.gov/enforcement/cases-proceedings/151-0236-161-0028/valeant-pharmaceuticals-international-inc|website=Federal Trade Commission|title=Valeant Pharmaceuticals International, Inc.|date=November 7, 2016|access-date=November 11, 2018}}</ref><ref>{{cite web|url=https://www.ftc.gov/news-events/press-releases/2017/02/ftc-approves-final-order-parent-company-bausch-lomb|website=Federal Trade Commission|title=FTC Approves Final Order with Parent Company of Bausch + Lomb|date=February 8, 2017|access-date=November 11, 2018}}</ref>

In their 2015 [[Finance:Annual report|annual report]] filed on April 29, 2016, Valeant said that it was the "subject of investigations" by the Securities and Exchange Commission, the U.S. Attorney’s Offices in Massachusetts and New York, the state of Texas, the North Carolina Department of Justice, the Senate’s Special Committee on Aging, and the House’s Committee on Oversight and Reform, and had received document requests from the Autorite de Marches Financiers in Canada and the New Jersey State Bureau of Securities."<ref name="Bloomberg_paycuts_2016">{{citation |url=http://business.financialpost.com/investing/market-moves/valeant-pharmaceuticals-international-inc-files-annual-report-to-fulfill-debt-covenants |title=Valeant Pharmaceuticals International eyes strategy change; senior managers face pay cut over debacle |first1=Caroline |last1=Chen |first2=Cynthia |last2=Koons |work=Financial Post via Bloomberg News |date= April 29, 2016 |access-date=April 29, 2016}}</ref>

In January 2016, presidential candidate Hillary Clinton said she would be "going after" Valeant for its price hikes, causing its stock price to fall 9 percent on the [[Company:New York Stock Exchange|New York Stock Exchange]].<ref name="CNN_money_21_September_2015">{{cite web | url=https://money.cnn.com/2015/09/21/investing/hillary-clinton-biotech-price-gouging/index.html?iid=SF_LN | title=Hillary Clinton tweet crushes biotech stocks | publisher=CNN Money | date=September 21, 2015 | access-date=October 15, 2015}}</ref><ref name="Clinton targets Valeant">{{cite web | url=https://www.reuters.com/article/us-usa-election-clinton-valeant-pharms-idUSMTZSAPEC1SOMIOHM | title=Clinton targets Valeant price hikes in campaign appearance | publisher=Reuters | date=January 28, 2016 | access-date=July 17, 2016 | author=Beasley, Deena}}</ref>

On April 27, 2016, Bill Ackman, J. Michael Pearson, and Howard Schiller were forced to appear before the United States Senate Special Committee on Ageing to answer to concerns about the repercussions for patients and the health care system faced with Valeant's business model.<ref name="senate_hearing_valeant_2016">{{citation |url=http://www.aging.senate.gov/hearings/valeant-pharmaceuticals-business-model-the-repercussions-for-patients-and-the-health-care-system |title=Valeant Pharmaceuticals' Business Model: the Repercussions for Patients and the Health Care System |work=United States Senate Special Committee on Aging |date= April 27, 2016 |access-date=April 29, 2016}}</ref>

By April 2016, the market value of hedge fund holdings in Valeant had fallen by $7.3 billion.<ref name="NYT_Valeant_tumbles_April_2016" /> Hedge fund herding<ref>{{citation |title=Hedge Fund Herding, and How to End It |date=January 3, 2016 |url=http://www.ai-cio.com/channel/Manager-Selection/Hedge-Fund-Herding,-and-How-to-End-It/ |access-date=April 28, 2016 |work=Asset International |series=Chief Investment Officer}}</ref> continued to incite hedge fund [[Finance:Portfolio manager|portfolio manager]]s to continue to buy Valeant shares.<ref name="NYT_Valeant_tumbles_April_2016" /> From 2015 to 2017, Valeant shares plummeted more than 90 percent. This was later featured in episode 3 of the first season of the Netflix documentary ''Dirty Money''.<ref>[https://www.institutionalinvestor.com/article/b1cmcvhk61k8zl/Hacked-Printers-Fake-Emails-Questionable-Friends-Fahmi-Quadir-Was-Up-24-Last-Year-But-It-Came-at-a-Price Hacked Printers. Fake Emails. Questionable Friends. Fahmi Quadir Was Up 24% Last Year, But It Came at a Price]. Institutional Investor, 9 January 2019</ref><ref name="NYT_Valeant_tumbles_April_2016">{{citation |title=As Valeant Tumbles, So Does Bill Ackman's Hedge Fund Herd |author1=Alexandra Stevenson |author2=Matthew Goldstein |date=April 27, 2016 |access-date=April 28, 2016 |url=https://www.nytimes.com/2016/04/28/business/dealbook/as-valeant-tumbles-so-does-billackmans-hedge-fund-herd.html |work=The New York Times}}</ref> In 2017, Ackman's Pershing Square fund, which held a major stake in the company, sold out for a reported loss of $2.8 billion.<ref>{{cite news|title=Ackman sells Valeant stake|url=https://www.bloomberg.com/news/articles/2017-03-13/valeant-falls-as-bill-ackman-sells-out-departs-company-s-board|newspaper=Bloomberg.com|date=13 March 2017 |access-date=14 March 2017}}</ref><ref>{{cite news | url=https://www.cnbc.com/2016/03/21/valeant-ceo-pearson-leaving-the-company.html | title=Valeant board ousted CEO Pearson after weekend phone calls: Source | publisher={{wipe|CNBC}} | date=March 21, 2016}}</ref>

===2016–2022: Valeant under Joseph Papa===
On April 25, 2016, Valeant named [[Company:Perrigo|Perrigo]] chief executive Joseph Papa as a permanent replacement for Pearson, and entrusted him with turning around the company.<ref>{{cite news | url=https://finance.yahoo.com/news/valeant-pharma-vrx-names-former-190407702.html | title=Valeant Pharma (VRX) Names Former Perrigo (PRGO) CEO to Fill Position | author=Andrew Steele | work=Yahoo Finance | date=25 April 2016}}</ref> Papa set on a path of strategic sales, debt reduction, and organic growth.<ref>{{cite news | url=https://www.cnbc.com/2017/08/16/valeant-pharmaceuticals-ceo-its-been-a-challenging-15-months.html | title=Valeant Pharmaceuticals CEO: 'It's been a challenging 15 months, but we've made great progress' | author=Elizabeth Gurdus | work=CNBC | date=16 August 2017}}</ref>

By January 2017, the company had sold its skincare brands to L'Oréal for $1.3 billion<ref>{{cite press release | url=http://www.prnewswire.com/news-releases/valeant-to-sell-cerave-acnefree-and-ambi-skincare-brands-to-loreal-for-13-billion-300388378.html | title=Valeant To Sell CeraVe, AcneFree And AMBI Skincare Brands To L'Oreal For $1.3 Billion | publisher=PRNewswire | date=January 10, 2017}}</ref> and its Dendreon biotech unit to Sanpower for $819.9 million.<ref>{{cite press release | url=http://www.prnewswire.com/news-releases/sanpower-group-agrees-to-acquire-dendreon-from-valeant-for-8199-million-300388346.html| title=Sanpower Group Agrees to Acquire Dendreon From Valeant for $819.9 Million | publisher=PRNewswire | date=January 10, 2017}}</ref> In June, the company sold iNova Pharmaceuticals for $910 million.<ref>{{cite web|url=http://uk.reuters.com/article/uk-valeant-pharm-in-divestiture-idUKKBN18Z20W|title=Valeant looks to trim debt pile with $930 million iNova sale|first=Divya|last=Grover|date=10 August 2023 }}</ref> In July, the company also divested Obagi Medical Products for $190 million.<ref>{{cite web|url=http://uk.reuters.com/article/us-valeant-pharm-in-divestiture-idUKKBN1A2199|title=Valeant to sell Obagi Medical Products business for $190 million|first=Reuters|last=Editorial|date=10 August 2023 }}</ref> In November, it announced it would sell Sprout Pharmaceuticals back to its original owners, two years after acquiring the business for $1 billion.<ref>{{cite web|url=http://uk.reuters.com/article/us-valeant-pharm-in-divestiture/valeant-to-sell-female-libido-pill-business-back-to-former-owners-idUKKBN1D61OX|title=Valeant to sell female libido pill business back to former owners|first=Reuters|last=Editorial|website=reuters.com|access-date=7 April 2018}}</ref><ref>{{cite web|url=http://ir.valeant.com/news-releases/2017/11-06-2017-120158957|title=Valeant Agrees To Sell Sprout Pharmaceuticals Subsidiary To Former Shareholders Of Sprout Pharmaceuticals|website=ir.valeant.com|access-date=7 April 2018}}</ref>

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.<ref>{{cite web|url=https://www.forbes.com/sites/antoinegara/2017/12/30/bill-ackman-and-valeant-settle-allergan-insider-trading-lawsuit-for-290-million|title=Bill Ackman And Valeant Settle Allergan Insider Trading Lawsuit For $290 Million|first=Antoine|last=Gara|work=Forbes|date=30 December 2017}}</ref><ref>{{cite web|url=https://www.forbes.com/sites/antoinegara/2017/12/30/bill-ackman-and-valeant-settle-allergan-insider-trading-lawsuit-for-290-million|title=Valeant Shares Rise After Company Pays Down Additional $300 mln in Debt|first=Emma|last=Court|publisher=MarketWatch|date=3 January 2018}}</ref> The company had divested itself of 13 non-core businesses, reducing its debt to $25 billion, and had settled or dismissed 70 pending lawsuits, including the Allergan insider trading case.<ref>{{cite news | url=https://www.thestreet.com/story/14445179/1/valeant-ceo-pitches-comeback-story-at-jpmorgan-conference.html | title=Valeant CEO: Drugmaker Knee-Deep in 'Turnaround Effort of a Lifetime' | author=Elizabeth Gurdus | work=The Street| date=10 January 2017}}</ref> On January 8, 2018, the company announced that its Bausch + Lomb unit had received a CE Mark indicating conformity with health, safety, and environmental protection standards from the European Commission for the distribution of its Stellaris product in Europe.<ref>{{cite news | url=https://finance.yahoo.com/news/bausch-lomb-receives-ce-mark-130000438.html | title=Bausch + Lomb Receives CE Mark From The European Commission For The Stellaris Elite Vision Enhancement System | work=Yahoo Finance | date=8 January 2017}}</ref>

On December 16, 2019, the company settled a shareholder class action lawsuit under Section 11 of the U.S.  Securities Act of 1933, alleging the company misled investors about its business operations and financial performance, for approximately $1.21 billion.<ref>{{cite web |url=http://www.valeantsecuritiessettlement.com/media/2587148/v10_vls_notice_020420_final.pdf |date=2020-01-23 |access-date=2023-12-16 |website=Valeant Securities Settlement |title=NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF CLASS ACTION}}</ref><ref>{{Cite news|url=https://www.reuters.com/article/securities-valeant-idUSL1N2D92LH|title=CORRECTED: Special master says he will approve $1.21 bln Bausch securities settlement|first=Brendan|last=Pierson|newspaper=Reuters |date=May 29, 2020|via=www.reuters.com}}</ref> The company  denied allegations of all wrongdoing as part of the settlement.<ref>{{Cite news|url=https://www.nytimes.com/aponline/2019/12/16/business/ap-us-bausch-health-valeant-settlement.html|title=Bausch Health Plans $1.21 B Settlement Over Stock Plunge|agency=Associated Press|date=2019-12-16|work=The New York Times|access-date=2019-12-16|language=en-US|issn=0362-4331}}</ref><ref>{{Cite news|url=https://www.reuters.com/article/us-bausch-health-litigation-idUSKBN1YK163|title=Bausch Health agrees to pay $1.21 billion to settle share price lawsuit|date=2019-12-16|work=Reuters|access-date=2019-12-16|language=en}}</ref>

On July 31, 2020, the SEC announced that Bausch Health had agreed to pay a $45 million penalty to settle charges of improper revenue recognition and misleading disclosures in SEC filings and earnings presentations. It also announced that Pearson would pay $250,000 in civil penalties to the SEC, as well as $450,000 to reimburse Valeant. Howard Schiller and Tanya Carro, two other executives who settled, paid the SEC $100,000 and $75,000, respectively.<ref>{{cite web |title=Pharmaceutical Company and Former Executives Charged With Misleading Financial Disclosures |url=https://www.sec.gov/news/press-release/2020-169 |access-date=14 June 2021}}</ref>

===Recent developments===
Following Ackman's exit, Paulson & Co. increased its stake in the company, became its largest shareholder,<ref>{{cite web|title=Valeant: Paulson & Co. Puts (a Bit More) Money Where its Mouth is|url=http://www.barrons.com/articles/valeant-paulson-co-puts-a-bit-more-money-where-its-mouth-is-1498512513|website=Barron's|access-date=27 September 2017}}</ref> with its founder, John Paulson, joining the board, and vowing to rebuild the company's core franchises and to reduce its debt.<ref>{{cite web|title=John Paulson Joins Valeant Board Of Directors|url=https://finance.yahoo.com/news/john-paulson-joins-valeant-board-110000874.html|website=Yahoo Finance|access-date=27 September 2017}}</ref> In May 2022, Papa was replaced by Thomas Appio as the company's chief executive officer. Paulson replaced Papa as chairman of Bausch Health after being on its board of directors from June 2017 to May 2022.<ref>{{Cite web |date=2022-06-23 |title=Bausch Health Names Hedge Fund Billionaire Paulson Chairman |url=https://www.bloomberg.com/news/articles/2022-06-23/bausch-health-names-hedge-fund-billionaire-paulson-as-chairman |access-date=2023-01-17 |website=Bloomberg.com |language=en}}</ref>

In May 2023, Judge Richard G. Andrews upheld the court's original ruling, which blocks the [[Organization:Food and Drug Administration|FDA]] from approving Norwich Pharmaceuticals'  550 mg [[Chemistry:Rifaximin|rifaximin generic]] until October 2029. Judge Andrews' decision bolsters his previous ruling that Norwich’s abbreviated new drug application for rifaximin infringed on Bausch Health’s Xifaxan patents for the reduction in risk of [[Medicine:Hepatic encephalopathy|hepatic encephalopathy]] recurrence.<ref>{{cite news|url=https://www.healio.com/news/gastroenterology/20230522/court-upholds-bausch-health-victory-in-xifaxan-fight-norwich-generic-blocked-until-2029|author=Robert Stott|date=May 23, 2023|title=Court upholds Bausch Health victory in Xifaxan fight; Norwich generic blocked until 2029|work= Healio Gastroenterology }}</ref>

In June 2023, the company's oral health business OraPharma partnered with Alex Rodriguez to launch its “Cover Your Bases” [[Medicine:Periodontal disease|gum disease]] awareness campaign.<ref>{{cite news|url=https://www.fiercepharma.com/marketing/bauschs-orapharma-biz-takes-plate-alex-rodriguez-they-look-hit-home-run-against-gum|author=Ben Adams|date=June 1, 2023|title=Bausch's OraPharma business takes to the plate with Alex Rodriguez as it looks to hit a home run against gum disease|work=Fierce Pharma}}</ref>

==Acquisitions==
{{cot|Clade diagram showing acquisitions}}
{{cladeR | style=font-size:90%;line-height:110% |thickness=0
|label1='''Valeant Pharmaceuticals'''<!-- LEVEL 1-->
|1={{clade sequential |inverse= |reverse=
           |label1=Valeant Pharmaceuticals |sublabel1=<small>(Merged 2010)</small>
           |1={{cladeR
              |1=ICN Pharmaceuticals
              |2=ICN Biomedicals
              |3=SPI Pharmaceuticals
              |4=Viratek
              }}
           |label2=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
           |2={{clade sequential |inverse=|reverse=
                   |8=Aton Pharmaceuticals<br /><small>(Acq 2010)</small>
                   |7=Vital Science Corp<br /><small>(Acq 2010)</small>
                   |6=Laboratoire Dr. Renaud<br /><small>(Acq 2009)</small>
                   |5=Tecnofarma<br /><small>(Acq 2009)</small>
                   |4=Dow Pharmaceutical Sciences Inc<br /><small>(Acq 2009)</small>
                   |3=DermaTech<br /><small>(Acq 2009)</small>
                   |1=Coria Laboratories Ltd
                   |2=Xcel Pharmaceuticals<br /><small>(Acq 2005)</small>
                   }}
           |label3=Biovail 
           |3={{clade sequential |reverse=|inverse=
              |1=Prestwick Pharmaceuticals<br /><small>(Acq 2008)</small>
              |2=Pharma PASS<br /><small>(Acq 2002)</small>
              |3=Fuisz Technologies Ltd<br /><small>(Acq 1999)</small>
              }}
           |label4=Medicis Pharmaceutical|sublabel4=<small>(Acq 2012)</small>
           |4={{cladeR
               |1=Ucyclyd Pharma<br /><small>(Acq 1999)</small>
               |2=GenDerm Corporation<br /><small>(Acq 1997)</small>
               }}
           |5=PharmaSwiss S.A.<br /><small>(Acq 2011)</small>
           |6=Sanitas Group<br /><small>(Acq 2011)</small>
           |7=iNova <br /><small>(Acq 2011, Sold 2017)</small>
           |8=Probiotica Laboratorios Ltda<br /><small>(Acq 2012)</small>
           |9=Eyetech Inc<br /><small>(Acq 2012)</small>
           |10=Pedinol<br /><small>(Acq 2012)</small>
           |11=OraPharma<br /><small>(Acq 2012)</small>
           |12=Natur Produkt<br /><small>(Acq 2013)</small>
           |13=Obagi Medical Products Inc<br /><small>(Acq 2013, Sold 2017)</small>
           |14=Bausch & Lomb<br /><small>(Acq 2013)</small>
           |15=Solta Medical Inc<br /><small>(Acq 2014)</small>
           |16=PreCision Dermatology<br /><small>(Acq 2014)</small>
           |17=Salix Pharmaceuticals<br /><small>(Acq 2015)</small>
           |18=Dermik<br /><small>(Acq 2011)</small>
           |19=Dendreon<br /><small>(Acq 2015, Sold 2017 to Sanpower Group)</small>
           |20=Amoun Pharmaceutical<br /><small>(Acq 2015)</small>
           |21=Sprout Pharmaceuticals Inc<br /><small>(Acq 2015)</small>
           |22=Synergetics USA<br /><small>(Acq 2019)</small>
           |23=Doctor's Allergy Formula<br /><small>(Acq 2015)</small>
   }} 
}}
{{cob}}

==Products==
Bausch Health's main products include drugs in the fields of dermatology, [[Biology:Neurology|neurology]], and [[Medicine:Infectious disease|infectious disease]].

===Medications===
The company's major [[Medicine:Prescription drug|prescription drug]]s are:

* [[Chemistry:Rifaximin|Rifaximin]] (Xifaxan), for treatment of [[Medicine:Traveler's diarrhea|traveler's diarrhea]] and [[Medicine:Irritable bowel syndrome|irritable bowel syndrome]] with [[Medicine:Diarrhea|diarrhea]]<ref name="10-K 2017">{{cite web|url=https://www.sec.gov/Archives/edgar/data/885590/000088559018000017/valeant2017form10-k.htm|title=US SEC: Form 10-K Valeant Pharmaceuticals International, Inc.|publisher=U.S. Securities and Exchange Commission|access-date=March 4, 2018}}</ref>
* [[Biology:Budesonide|Budesonide]] (Uceris), to help get mild to moderate ulcerative [[Medicine:Colitis|colitis]] under control<ref name="10-K 2017"/>
* [[Chemistry:Minocycline|Minocycline]] (Arestin, Solodyn), an [[Chemistry:Antibiotic|antibiotic]] used for procedures related to periodontitis<ref name="10-K 2017"/>
* [[Biology:Efinaconazole|Efinaconazole]] (Jublia), for treatment of toenail [[Biology:Fungus|fungus]]<ref name="10-K 2017"/>
* [[Engineering:Acne|Acne]] drugs: clindamycin/tretinoin (Ziana), benzoyl peroxide/clindamycin (Acanya, Onexton), [[Chemistry:Tretinoin|tretinoin]] (Atralin, Retin-A Micro), [[Chemistry:Benzoyl peroxide|benzoyl peroxide]] (Microsphere), [[Chemistry:Tazarotene|tazarotene]] (Arazlo)<ref name="10-K 2017"/>
* [[Chemistry:Pimecrolimus|Pimecrolimus]] (Elidel), used to treat atopic [[Medicine:Dermatitis|dermatitis]]<ref name="10-K 2017"/>
* [[Chemistry:Metformin|Metformin]] (Glumetza), to improve glycemic control in adults with type 2 diabetes mellitus<ref name="10-K 2017"/>
* [[Chemistry:Bupropion|Bupropion]] (Wellbutrin XL), for treatment of [[Medicine:Mood disorder#Depressive disorders|depression]]<ref name="10-K 2017"/>
* [[Chemistry:Isoprenaline|Isoprenaline]] (Isuprel), for treatment of mild or transient episodes of heart block<ref name="10-K 2017"/>
* [[Chemistry:Tetrabenazine|Tetrabenazine]] (Xenazine), for treatment of chorea associated with Huntington’s disease<ref name="10-K 2017"/>
* [[Chemistry:Sodium nitroprusside|Sodium nitroprusside]] (Nitropress), for the immediate reduction of [[Physics:Blood pressure|blood pressure]] of patients in hypertensive crises<ref name="10-K 2017"/>
* [[Chemistry:Penicillamine|Penicillamine]] (Cuprimine), to treat [[Medicine:Wilson's disease|Wilson's disease]] (a condition in which high levels of copper in the body cause damage to the liver, brain, and other organs), [[Medicine:Cystinuria|cystinuria]] (a condition which leads to [[Chemistry:Cystine|cystine]] stones in the kidneys), and in people with severe, active [[Medicine:Rheumatoid arthritis|rheumatoid arthritis]] who have failed to respond to an adequate trial of conventional therapy.<ref name="10-K 2017"/>
* [[Chemistry:Bexarotene|Bexarotene]] (Targretin), a [[Chemistry:Retinoid|retinoid]] for treatment of Cutaneous T-Cell [[Medicine:Lymphoma|Lymphoma]]<ref name="10-K 2017"/>
* [[Chemistry:Aciclovir|Aciclovir]] (Zovirax), a topical antiviral used against [[Medicine:Herpes|herpes]] viruses<ref name="10-K 2017"/>
* [[Chemistry:Triethylenetetramine|Triethylenetetramine]] (Syprine), used for treatment of patients with [[Medicine:Wilson's disease|Wilson's disease]]<ref name="10-K 2017"/>
* [[Chemistry:Loteprednol|Loteprednol]] (Lotemax) gel, a topical [[Biology:Corticosteroid|corticosteroid]] indicated for the treatment of inflammation and pain following ocular surgery<ref name="10-K 2017"/>

===Over the counter products===
The company's major over the counter drugs are:

* Ocuvite, an eye vitamin<ref name="10-K 2017"/>
* PreserVision, an eye vitamin<ref name="10-K 2017"/>
* ReNu Multiplus, for lubrication of [[Engineering:Contact lens|contact lens]]es<ref name="10-K 2017"/>
* Biotrue, an eye lubricant<ref name="10-K 2017"/>
* Artelac, to treat dry eyes<ref name="10-K 2017"/>
* Boston, for cleaning of contact lenses<ref name="10-K 2017"/>
* SootheXP, an eye lubricant<ref name="10-K 2017"/>

==References==
{{reflist}}

==External links==
* {{official|https://www.bauschhealth.com}}
{{Finance links
| name = Bausch Health Companies Inc.
| symbol = BHC
| reuters = BHC.TO
| sec_cik = 885590
| yahoo = BHC.TO 
| google = BHC.TO 
| bloomberg = BHC:CA
}}

{{S&P/TSX 60}}


[[Category:Specialty drugs]]
[[Category:Companies (Chemistry)]]
[[Category:Companies]]

{{Sourceattribution|Bausch Health}}