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Bausch Health Companies Inc.

PharmaceuticalsFounded 1994
Reviewed by Swet Parvadiya
Company data updated: October 2026

Acquisitions

Bausch Health Acquisitions

6

Major Deals Covered

$20.2B

Disclosed Deal Value

What are Bausch Health's biggest acquisitions?

Bausch Health's largest disclosed acquisition here is Salix Pharmaceuticals for $11.1B in 2015. This page covers 6 major deals from 2011 to 2025, each with its price where disclosed and the reason behind it.

Major deals covered
6
Largest deal
Salix Pharmaceuticals ($11.1B)
First deal
2011
Most recent
2025
CompanyYearPricePurpose
Ortho Dermatologics2011$345.0MValeant agreed in July 2011 to buy the U.S. Ortho Dermatologics prescription skin-care assets from Johnson and Johnson unit Janssen Pharmaceuticals for about $345M in cash, adding brands such as Retin-A Micro, Renova and Ertaczo.
Bausch + Lomb Holdings2013$8.7BValeant agreed in May 2013 to acquire eye-health company Bausch + Lomb from Warburg Pincus for $8.7B in cash, adding contact lenses, lens care, ophthalmic pharmaceuticals and surgical equipment.
Salix Pharmaceuticals2015$11.1BValeant completed its tender offer for Salix Pharmaceuticals on April 1, 2015 at $173 per share in cash, about $11.1B in equity value and roughly $15.8B including debt, to own the Xifaxan gastrointestinal franchise.
DURECT Corporation2025$63.0MBausch Health completed the acquisition of DURECT Corporation on September 11, 2025, paying $1.75 per share in cash, about $63M upfront with up to $350M of potential milestone payments, for the late-stage liver-disease candidate larsucosterol.
Shibo Zhenmei aesthetics distribution business2025UndisclosedSolta Medical completed the purchase of Shibo's full-service aesthetics distribution business in China on December 1, 2025 to sell Thermage and other devices directly to Chinese clinics.
Sanitas2011UndisclosedBausch Health Companies Inc. acquired Sanitas in 2011.
What companies has Bausch Health bought?
Major acquisitions by Bausch Health documented here include Salix Pharmaceuticals (2015), Bausch + Lomb Holdings (2013), Ortho Dermatologics (2011), DURECT Corporation (2025) and Shibo Zhenmei aesthetics distribution business (2025).
What is Bausch Health's most recent acquisition?
The most recent Bausch Health acquisition documented here is DURECT Corporation, in 2025, for $63M.

DURECT Corporation

2025

$63M

Why

Bausch Health completed the acquisition of DURECT Corporation on September 11, 2025, paying $1.75 per share in cash, about $63M upfront with up to $350M of potential milestone payments, for the late-stage liver-disease candidate larsucosterol.

Impact

The deal added a Phase 3-ready asset in alcohol-associated hepatitis to the Salix gastroenterology and hepatology business; larsucosterol holds FDA Breakthrough Therapy designation.

Outcome

The purchase was recorded mainly as acquired in-process research and development, part of the $114M of acquired IPR&D costs in 2025.

Source →

Shibo Zhenmei aesthetics distribution business

2025

Why

Solta Medical completed the purchase of Shibo's full-service aesthetics distribution business in China on December 1, 2025 to sell Thermage and other devices directly to Chinese clinics.

Impact

The transaction gives Solta direct access to Chinese aesthetic providers instead of relying on a third-party distributor.

Outcome

Solta Medical revenue reached $518M in 2025, up 18%, although fourth-quarter revenue was flat because of one-time items tied to the transition.

Source →

Salix Pharmaceuticals

2015

$11.1B

Why

Valeant completed its tender offer for Salix Pharmaceuticals on April 1, 2015 at $173 per share in cash, about $11.1B in equity value and roughly $15.8B including debt, to own the Xifaxan gastrointestinal franchise.

Impact

Xifaxan became the single largest product in the portfolio and the main source of cash to service the debt taken on for the deal.

Outcome

Xifaxan generated $2.212B of revenue in 2025, about 85% of Salix segment revenue and over 20% of company revenue. Bausch Health expects U.S. generic competition for Xifaxan in 2028.

Source →

Bausch + Lomb Holdings

2013

$8.7B

Why

Valeant agreed in May 2013 to acquire eye-health company Bausch + Lomb from Warburg Pincus for $8.7B in cash, adding contact lenses, lens care, ophthalmic pharmaceuticals and surgical equipment.

Impact

Bausch + Lomb became the group's largest business and later supplied the corporate name adopted in 2018.

Outcome

Bausch + Lomb was listed on the NYSE and TSX in May 2022. Bausch Health still holds about 88% of its shares and consolidated $5.101B of Bausch + Lomb revenue in 2025.

Source →

Ortho Dermatologics

2011

$345M

Why

Valeant agreed in July 2011 to buy the U.S. Ortho Dermatologics prescription skin-care assets from Johnson and Johnson unit Janssen Pharmaceuticals for about $345M in cash, adding brands such as Retin-A Micro, Renova and Ertaczo.

Impact

The deal made dermatology a core Valeant franchise and gave it a U.S. prescription skin-care sales force.

Outcome

The dermatology line now sits inside the Diversified segment, which generated $937M of revenue in 2025, and includes Cabtreo, Jublia, Arazlo, Siliq and Targretin.

Source →

Sanitas

2011

Why

Bausch Health Companies Inc. acquired Sanitas in 2011.

Source →

Bausch Health Companies Inc.'s Growth & Acquisition Strategy

Growth spending is subordinated to the balance sheet. Bausch Health refinanced $9.6B of debt in 2025 to push out near- and medium-term maturities and directs cash flow to debt reduction, generating $1.2B of adjusted cash flow from operations for the year. Within that constraint it invests in Xifaxan direct-to-consumer advertising and sales force capacity, bought DURECT in September 2025 for about $63M upfront plus up to $350M in milestones to add larsucosterol, and is widening Solta Medical distribution, including the December 2025 purchase of Shibo Zhenmei's aesthetics distribution business in China. The Bausch + Lomb separation remains the largest potential source of value, and it is conditioned on hitting targeted leverage ratios rather than on a fixed timetable.

How Bausch Health Companies Inc. Makes Money

Bausch Health sells prescription medicines, over-the-counter products and medical devices in about 90 countries through five reportable segments. Salix sells gastrointestinal drugs in the United States and is built around Xifaxan, which brought in $2.212B in 2025, roughly 85% of the segment. Solta Medical sells Thermage, Fraxel, Clear + Brilliant and VASERlipo aesthetic systems to clinics and earns repeat revenue on single-use treatment consumables. The International segment sells branded generics and consumer-health brands such as Bedoyecta, Bisocard, Contrave and Espaven outside the United States. Diversified Products covers U.S. neuroscience, dermatology, generics and dentistry lines. Bausch + Lomb, about 88% owned and still consolidated, contributed $5.101B of 2025 revenue from contact lenses, lens care, ophthalmic drugs and surgical equipment. Three wholesalers accounted for most U.S. sales in 2025: Cencora at 18% of revenue, McKesson at 16% and Cardinal Health at 14%.

Bausch Health Acquisitions FAQ

When and for how much did Valeant acquire Salix Pharmaceuticals?

Valeant completed its tender offer for Salix on April 1, 2015 at $173 per share in cash, about $11.1B in equity value and roughly $15.8B including debt, after raising its original $158 per share offer and seeing off a competing approach for the Xifaxan franchise.

When did Valeant acquire Bausch + Lomb for $8.7 billion?

Valeant agreed on May 27, 2013 to buy Bausch + Lomb Holdings from private equity owner Warburg Pincus for $8.7B in cash, and completed the purchase later that year, adding contact lenses, lens care, ophthalmic pharmaceuticals and surgical equipment.

When did Valeant acquire Solta Medical?

Valeant acquired Solta Medical in January 2014 for about $250M in cash, adding the Thermage radiofrequency, Fraxel and Clear + Brilliant aesthetic systems that now make up the Solta Medical segment.

What did Bausch Health buy in 2025?

It completed the acquisition of DURECT Corporation on September 11, 2025 at $1.75 per share, about $63M upfront with up to $350M of milestones, for the liver-disease candidate larsucosterol, and closed Solta Medical's purchase of Shibo Zhenmei's Chinese aesthetics distribution business on December 1, 2025.

When did Valeant acquire the Ortho Dermatologics portfolio?

Valeant agreed in July 2011 to acquire the U.S. Ortho Dermatologics assets from Janssen Pharmaceuticals, a Johnson and Johnson company, for about $345M in cash, adding brands such as Retin-A Micro, Renova and Ertaczo.

What major assets did Bausch Health sell to reduce debt?

In 2017 the company agreed to sell the CeraVe, AcneFree and AMBI skincare brands to L'Oreal for about $1.3B and the Dendreon cancer business to China's Sanpower Group for about $820M, directing more than $2B of proceeds to debt repayment.

What happened in the May 2022 Bausch + Lomb offering?

Bausch + Lomb shares began trading on the NYSE and TSX as BLCO on May 6, 2022, and on May 10, 2022 a Bausch Health subsidiary sold 35,000,000 Bausch + Lomb shares. After the partial exercise of the over-allotment option Bausch Health held about 88% of the company.

How does Bausch Health approach deals now?

It targets small, capital-efficient additions that its existing sales forces can carry, such as DURECT in hepatology and the Shibo Zhenmei distribution business for Solta, rather than the large debt-funded acquisitions of the Valeant era.

What companies did Valeant acquire?

Under Pearson, Valeant executed a massive, highly aggressive roll-up strategy, buying Bausch & Lomb for $8.7 billion and Salix Pharmaceuticals for $11 billion, accumulating massive debt.

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Content is for informational purposes only. Not financial advice. Data sourced from SEC filings, annual reports, and public records. See our full disclaimer and methodology.