Valeant seeks clean slate with rebrand, new company name

In the latest attempt to reverse its ailing fortunes and distance itself from its polluted brand, Canadian pharma firm Valeant has announced that it is set to change its name, it has emerged.

Chairman and CEO Joseph Papa revealed that, as of July this year, the company will be known as Bausch Health Companies, a nod to its respected eye care subsidiary Bausch & Lomb, which it acquired in 2013.

“Becoming Bausch Health Companies is a major step forward in our transformation,” explained Papa. “The Bausch name embodies the rich history of innovation, fortitude and dedication to patient health dating back to when JJ Bausch opened his first optical goods shop more than 165 years ago. These qualities form the foundation of who we are today as we continue to build an innovative company striving to improve the health of patients globally.

“Now is the right time in our turnaround to unite our Company's core businesses, subsidiaries and brands under the Bausch Health name,” he continued. “We believe Bausch Health Companies more accurately represents the full scope of the Company today – a leader in the development and manufacture of a wide range of pharmaceutical, medical device and over-the-counter products, primarily in the therapeutic areas of eye health, gastroenterology and dermatology.”

Come July, the firm has said it will commence the rollout of a new corporate brand identity, including new imagery and a brand new website. The move represents a major attempt by the firm to put its chequered past behind it, including controversial pricing policies which saw hikes of 1,000% or more, and accusations of fraud from its executives, to name a few, on top of its struggles with over $30 billion of debt.

Matt Fellows