Aug 3 - Solta Medical has announced that on Tuesday it planned to open an initial public offering of its Bausch Health companies Inc. business, which sells medical aesthetic products such as skin rejuvenation products.
The move comes as the Canadian drugmaker takes steps to reduce debt. Bausch announced in March that it would sell its entire stake in the Arab group Amoun Pharmaceutical Co SAE and last year announced plans to spin off its eye care unit Bausch Lomb.
Solta, with revenues of $253 million in 2020, offers anti-aging laser skin treatments such as Clear Brilliant and is part of Bausch's ortho dermatologics business.
The IPO, anticipated in the first half of 2021 or in the fourth quarter of 2022, will give Solta ownership to an entity which would compare more favorably to other pharmaceutical aesthetic companies, the drugmaker said.
Solta is a publicly traded company which is based in Canada and is intended to be listed on the Nasdaq Stock Exchange, Bausch said.