Bausch + Lomb Sale Stumble Frustrates Bausch Health Investors

Bausch Health Companies Inc.’s years-long process of trying to separate its Bausch + Lomb Corp. eye-care business hit a roadblock Thursday when a potential sale to private equity fell through, raising questions about the parent company’s future.

Bausch Health, which owns 88% of Bausch + Lomb, has been trying to complete a separation since as early as 2020, first entertaining a spinoff and then a sale. Disagreements between shareholders and lenders, as well as Bausch Health’s debt, which stands at more than $20 billion, have complicated the efforts.

Bausch + Lomb said in a statement that a full ...