Bausch + Lomb Holdings has a broad portfolio of eye health products, including OTC brands Besivance, Lotemax, Ocuvite and PreserVision, vision care brands such as Biotrue ONEday, PureVision, renu and Boston, and surgical brands such as enVista, Storz, Stellaris and VICTUS.

This acquisition is a part of Valeant’s plan to benefit from the surging demand for eye health products, especially from the emerging market.

Following the completion of this acquisition, Bausch + Lomb will retain its name and become a unit of Valeant, while the present ophthalmology units of Valeant will become part of the Bausch + Lomb division.

Valeant Pharmaceuticals is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of dermatology, eye health, neurology and branded generics.

In May, the Canadian pharmaceuticals firm entered into a definitive agreement to acquire Bausch + Lomb Holdings.