Bausch Health Companies Inc.
Company History
Bausch Health History: Founding, Growth & Key Milestones
Founded 1994 in Laval, Canada
When was Bausch Health founded?
Bausch Health was founded in 1994 in Laval, Canada by Eugene Melnyk and Milan Panic, making it 32 years old.
- Founded
- 1994
- Founding place
- Laval, Canada
- Founders
- Eugene Melnyk and Milan Panic
- Headquarters today
- Laval, Quebec, Canada
- Milestones documented
- 17 (1959–2026)
- Current CEO
- Thomas J. Appio
- Acquisitions
- 6
| Year | Event |
|---|---|
| 1959 | Milan Panic founds ICN Pharmaceuticals |
| 1994 | Biovail Corporation International formed in Canada |
| 2003 | ICN renames itself Valeant Pharmaceuticals |
| 2008 | J. Michael Pearson becomes chief executive |
| 2010 | Biovail and Valeant complete their merger |
| 2011 | Ortho Dermatologics bought from Johnson and Johnson |
| 2013 | Bausch + Lomb acquired for $8.7 billion |
| 2015 | Salix acquisition closes at about $11.1 billion |
| 2015 | Drug pricing and Philidor scandal breaks |
| 2016 | Joseph Papa replaces Pearson as chief executive |
| 2017 | Skincare brands and Dendreon sold to cut debt |
| 2018 | Company renamed Bausch Health Companies Inc. |
| 2020 | SEC settlement closes the Philidor accounting case |
| 2022 | Bausch + Lomb listed on the NYSE and TSX |
| 2025 | DURECT acquired and record annual revenue reported |
| 2026 | RED-C trials miss endpoints and trigger a $1.4 billion charge |
| 2026 | Second-quarter 2026 revenue of $2.85 billion and raised guidance |
- Where was Bausch Health founded?
- Bausch Health was founded in Laval, Canada in 1994.
- Who founded Bausch Health?
- Bausch Health was founded by Eugene Melnyk and Milan Panic.
- When did Bausch Health start?
- Bausch Health was founded in 1994.
- How old is Bausch Health?
- Bausch Health is 32 years old as of 2026.
Founding Story
Two companies sit behind Bausch Health. ICN Pharmaceuticals was founded in California in 1959 by Milan Panic, a Yugoslav immigrant who ran it for four decades, took it to the New York Stock Exchange and later served as prime minister of the Federal Republic of Yugoslavia in 1992 and 1993; ICN renamed itself Valeant Pharmaceuticals in November 2003 after shareholders removed him. The legal entity that files today is Canadian: Eugene Melnyk amalgamated Trimel Corporation with its subsidiary on March 29, 1994 to form Biovail Corporation International. The two combined on September 28, 2010, keeping the Valeant name and chief executive J. Michael Pearson, who had arrived in February 2008 from McKinsey and replaced research spending with debt-funded purchases of marketed drugs and the price increases that followed.
Founders
Eugene Melnyk
Eugene Melnyk built Biovail into Canada's largest publicly traded pharmaceutical company, with revenue growing from about $19M in 1995 to roughly $1.07B in 2006. Biovail's approach was to take drugs whose patents had expired and reformulate them with its own controlled-release technology, including Tiazac, launched in 1996, and Wellbutrin XL, licensed for U.S. distribution in 2001. Melnyk stepped down as chief executive in 2004, the year after he bought the Ottawa Senators, and retired as chairman in 2007 after an accounting investigation that Biovail settled with the SEC and the Ontario Securities Commission. He opposed the 2010 merger with Valeant, telling the CBC that the combined company was doomed to fail under its debt load, a warning that the 2015 collapse and the roughly $30B of debt left behind made difficult to dismiss. Eugene Melnyk was born in 1959 in Toronto. Education: St. Michael's College School.
Milan Panic
Milan Panic ran ICN Pharmaceuticals for four decades and made it known for the broad-spectrum antiviral ribavirin, sold as Virazole. His tenure was also marked by repeated governance disputes, and shareholders removed him in 2002; the company took the Valeant Pharmaceuticals name the following year and later merged with Canada's Biovail to form what is now Bausch Health. Panic died in Pasadena, California on September 24, 2026. The other half of the group's identity is older still: Bausch + Lomb was founded in Rochester, New York in 1853 by the German immigrants John Jacob Bausch and Henry Lomb, went on to make Ray-Ban sunglasses and the SofLens soft contact lens in 1971, was bought by Valeant for $8.7B in 2013, and supplied the corporate name adopted in 2018. Milan Panic was born in 1932.
Key Milestones
Milan Panic founds ICN Pharmaceuticals
Milan Panic, a Yugoslav immigrant to California, founded ICN Pharmaceuticals in 1959 and ran it for four decades. ICN is the predecessor of Valeant Pharmaceuticals and of today's Bausch Health.
Source: en.wikipedia.orgBiovail Corporation International formed in Canada
On March 29, 1994 Eugene Melnyk consolidated his Canadian drug-delivery business by amalgamating Trimel Corporation with its subsidiary to create Biovail Corporation International, the legal entity that files today as Bausch Health Companies Inc.
Source: en.wikipedia.orgICN renames itself Valeant Pharmaceuticals
ICN Pharmaceuticals, then based in Costa Mesa, California, took the Valeant Pharmaceuticals name in November 2003 to distance itself from the governance fights of the Panic era.
Source: latimes.comJ. Michael Pearson becomes chief executive
Valeant appointed former McKinsey director J. Michael Pearson as chief executive effective February 1, 2008, succeeding Timothy C. Tyson. Pearson replaced internal research spending with debt-funded acquisitions of marketed drugs.
Source: fiercebiotech.comBiovail and Valeant complete their merger
The merger of Biovail Corporation and Valeant Pharmaceuticals International closed on September 28, 2010. The combined company kept the Valeant name and Pearson as chief executive but was incorporated in Canada.
Source: prnewswire.comOrtho Dermatologics bought from Johnson and Johnson
Valeant agreed to acquire the U.S. Ortho Dermatologics assets from Janssen Pharmaceuticals, a Johnson and Johnson company, for about $345M in cash, building the dermatology franchise.
Source: jnj.comBausch + Lomb acquired for $8.7 billion
Valeant agreed in May 2013 to buy eye-health company Bausch + Lomb from Warburg Pincus for $8.7B in cash, adding contact lenses, lens care, ophthalmic drugs and surgical devices.
Source: pi.bausch.comSalix acquisition closes at about $11.1 billion
Valeant completed its tender offer for Salix Pharmaceuticals on April 1, 2015 at $173 per share, about $11.1B in equity value and roughly $15.8B including debt, gaining the Xifaxan franchise.
Source: prnewswire.comDrug pricing and Philidor scandal breaks
Congressional investigators pressed Valeant over 525% and 212% increases on the heart drugs Isuprel and Nitropress, bought in February 2015, and over its undisclosed ties to the Philidor mail-order pharmacy. The shares collapsed and the SEC opened an investigation in the fourth quarter of 2015.
Source: oversightdemocrats.house.govJoseph Papa replaces Pearson as chief executive
Valeant named Perrigo chief executive Joseph C. Papa as chairman and CEO on April 25, 2016, and he took over in early May 2016 with about $30B of debt outstanding.
Source: prnewswire.comSkincare brands and Dendreon sold to cut debt
Valeant sold the CeraVe, AcneFree and AMBI skincare brands to L'Oreal for about $1.3B and the Dendreon cancer unit to China's Sanpower Group for about $820M, using the proceeds to repay debt.
Source: cnbc.comCompany renamed Bausch Health Companies Inc.
The name change from Valeant Pharmaceuticals International, Inc. to Bausch Health Companies Inc. was completed on July 13, 2018, and the shares began trading as BHC on the NYSE and TSX on July 16, 2018.
Source: prnewswire.comSEC settlement closes the Philidor accounting case
On July 31, 2020 Bausch Health agreed to pay a $45M civil penalty to settle SEC charges of improper revenue recognition and misleading disclosures tied to Philidor. Former chief executive J. Michael Pearson and two other executives also settled.
Source: sec.govBausch + Lomb listed on the NYSE and TSX
Bausch + Lomb common stock began trading under the ticker BLCO on May 6, 2022, and a Bausch Health subsidiary sold 35,000,000 Bausch + Lomb shares in the offering. Bausch Health retained about 88% of the eye-health company and still consolidates it. Thomas J. Appio became chief executive of Bausch Health the same month.
Source: sec.govDURECT acquired and record annual revenue reported
Bausch Health closed the DURECT acquisition on September 11, 2025 for about $63M upfront, completed Solta Medical's Chinese aesthetics distribution purchase on December 1, 2025, and reported FY2025 revenue of $10.266B, up 7%, with net income attributable to Bausch Health of $157M and adjusted EBITDA of $3.54B.
Source: ir.bauschhealth.comRED-C trials miss endpoints and trigger a $1.4 billion charge
In January 2026 the two Phase 3 RED-C trials of amorphous-rifaximin soluble solid dispersion for primary prevention of hepatic encephalopathy missed their primary endpoints. Bausch Health recorded a goodwill impairment of about $1.4B against the Salix reporting unit in the first quarter of 2026.
Source: sec.govSecond-quarter 2026 revenue of $2.85 billion and raised guidance
Bausch Health reported second-quarter 2026 revenue of $2.85B, up 13%, net income attributable to Bausch Health of $258M and adjusted EBITDA of $1.075B, and raised its full-year 2026 revenue, adjusted EBITDA and cash flow guidance.
Source: prnewswire.comMajor Acquisitions
Ortho Dermatologics
2011Valeant 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 Holdings
2013Valeant 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 Pharmaceuticals
2015Valeant 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 Corporation
2025Bausch 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 business
2025Solta 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.
Sanitas
2011Bausch Health Companies Inc. acquired Sanitas in 2011.
Keep researching Bausch Health
Bausch Health Company History FAQ
How did ICN, Biovail and Valeant come together between 1959 and 2015?
Milan Panic founded ICN Pharmaceuticals in California in 1959 and it took the Valeant name in 2003. Canada's Biovail Corporation International, formed in 1994, merged with Valeant on September 28, 2010. Valeant then bought Bausch + Lomb for $8.7B in 2013 and Salix for about $11.1B in 2015.
What triggered the collapse of Valeant Pharmaceuticals in late 2015?
Valeant raised the U.S. prices of Isuprel and Nitropress by 525% and 212% after buying them in February 2015, which drew congressional investigations and prosecutors' inquiries, and short sellers then exposed its undisclosed ties to the Philidor mail-order pharmacy. The shares collapsed and the SEC opened an investigation in the fourth quarter of 2015.
How did Joseph Papa restructure the company from 2016 to 2022?
Papa was named chairman and CEO on April 25, 2016 and took over in early May. He cut ties with Philidor, sold the CeraVe, AcneFree and AMBI skincare brands to L'Oreal for about $1.3B and Dendreon to Sanpower for about $820M, renamed the company Bausch Health in July 2018, and settled the SEC case for $45M in July 2020.
What has Bausch Health launched in dermatology recently?
Cabtreo, the first FDA-approved fixed-dose triple-combination topical gel for acne, launched in the United States in the first quarter of 2024 and in Canada in October 2024. It sits in the Diversified segment alongside Jublia, Arazlo, Siliq and Targretin.
What happened in the Bausch + Lomb listing in May 2022?
Bausch + Lomb common stock began trading on the NYSE and TSX under the ticker BLCO on May 6, 2022, and a Bausch Health subsidiary sold 35,000,000 shares. Bausch Health retained about 88% of the eye-health company and still consolidates its results.
When did Thomas J. Appio become CEO of Bausch Health?
Appio became chief executive officer and a director in May 2022, the same month Bausch + Lomb was listed. He had previously run the company's international business and, in August 2026, was appointed chairman of the Bausch + Lomb board.
How long does Xifaxan exclusivity in the United States last?
Bausch Health expects U.S. loss of exclusivity for Xifaxan in 2028 and has Paragraph IV infringement proceedings against Norwich, Amneal, Cipla and Ajanta over rifaximin 550 mg. CMS also selected Xifaxan 550 mg in January 2025 for Medicare price negotiation, with negotiated prices applying from 2027.
What are Bausch Health's priorities for 2026 and beyond?
After the RED-C Phase 3 trials missed their endpoints in January 2026, the priorities are maximizing Xifaxan ahead of 2028 generics, advancing larsucosterol in alcohol-associated hepatitis, expanding Solta Medical in Asia, reducing debt from $20.2B of principal, and completing the Bausch + Lomb separation once leverage targets are met.
Is Bausch Health the same as Valeant?
Yes, Bausch Health was formerly known as Valeant Pharmaceuticals. The company completely rebranded in 2018 to distance itself from massive accounting and drug-pricing scandals.
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