The parent company of Bausch & Lomb is spinning off the business.
Bausch Health will focus on its phamaceutical business, and the eye-care business at B&L will become a separate public company called Bausch + Lomb - NewCo.
Bausch Health is the former Valeant pharmaceutical company and acquired Bausch & Lomb in 2013.
The separation is expected to be complete by early next year.
A process to name the leaders of both companies is now under way.