Late Stage Mature Pre IPO Unicorns -

Bausch Health aesthetic device unit Solta Medical files for IPO

By Val Kennedy,

Solta Medical, a wholly owned subsidiary of Bausch Health Companies (NYSE:BHC), has filed to hold an initial public offering.

IPO (Initial public offering)

The size and pricing of the deal have yet to be determined. Solta has applied to list its shares on Nasdaq under the symbol SLTA.

Proceeds from the deal will go to Bausch, which is selling the shares. Solta will not receive any of the proceeds, Solta said in a filing.

Solta specializes in aesthetic medical devices for skin and body treatments. Its leading brands are Thermage, Clear + Brilliant, Fraxel and Vaser. The company’s products are used for such procedures as skin tightening, body contouring, wrinkle smoothing, pore-size reduction, collagen boosting, and scar reduction.

For the nine-month period ended Sept. 30, 2021, Solta reported a net income of $73M on revenue of $219M.

Bausch said in a press release on the deal that it is still readying an IPO for its Bausch + Lomb subsidiary and monitoring market conditions to determine how to proceed with the two IPOs.

Goldman Sachs and Morgan Stanley are serving as joint lead bookrunning managers on the Solta deal, with Citigroup, Guggenheim, Securities, Barclays and Evercore ISI serving as bookrunning managers.

In January, Bausch Health filed a prospectus for its Bausch + Lomb unit, but did not set terms.

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