Valeant Said to Consider Sale of Paragon Unit, Reuters Reportsby
Valeant Pharmaceuticals International Inc. is considering selling a contact lens manufacturing division that has been under scrutiny by the Federal Trade Commission, Reuters reported Monday.
The drugmaker is considering selling Paragon Vision Sciences, which it bought for an undisclosed sum earlier this year, Reuters said, citing two people familiar with the matter. Renee Soto, an external spokeswoman for Valeant at Sard Verbinnen & Co., declined to comment on a potential sale. Reuters didn’t identify a potential buyer.
Valeant in an October filing said it had received a letter from the FTC regarding a “non-public investigation." The company didn’t provide details and said that it intended to co-operate with the investigation. The FTC has been investigating whether Valeant violated anti-trust laws by cornering a component in the rigid contact lens market, ProPublica reported on October 27.
Valeant, a serial acquirer, has a large ophthalmology division. It bought Bausch & Lomb for $8.7 billion in 2013. The company’s shares have dropped 36 percent this year as its use of specialty pharmacies have come under scrutiny.