Bausch Health Co. Inc., which previously announced it would separate its eye health business, announced April 28 that it entered into an arrangement to that end with, among others, its wholly owned subsidiary Bausch + Lomb Corp.

As part of the agreement, Bausch Health expects to transfer all or a portion of the remaining equity interest in Bausch + Lomb — which is headquartered in Ontario with corporate offices in Bridgewater — following completion of the Bausch + Lomb initial public offering and expiration of the IPO lockup to Bausch Health shareholders.

The agreement is subject to applicable corporate law, Canadian tax law, and to the terms and conditions of organizations’ master separation agreement as of March 30.

Bausch Health shareholders will have the opportunity to consider this transaction at a meeting to be scheduled following completion of the Bausch + Lomb IPO.

Bausch Health develops, manufactures and markets pharmaceutical, medical device and over-the-counter products. Currently, Bausch + Lomb is Bausch Health’s global eye health business, which offers more than 400 products. Founded in 1853, the company has significant global research and development, manufacturing and commercial capabilities with more than 12,000 employees in nearly 100 countries.