2024年10月14日，全球眼科巨头博士伦（Bausch + Lomb）传出可能被黑石集团和德太投资（TPG Capital）联手收购的消息，估值高达140亿美元。这一潜在交易不仅可能成为本年度最大的私募股权收购案之一，也标志着博士伦在经历母公司博士康（Bausch Health）债务危机后，可能迎来新的转机。
博士伦，作为全球知名的眼科品牌，其业务涵盖隐形眼镜、眼药、眼科手术设备等多个领域。然而，由于母公司博士康深陷债务泥潭，博士伦的出售成为了摆脱财务困境的潜在解决方案。博士康目前持有博士伦88%的股份，而博士伦的业绩也在近年来出现下滑，2023年净亏损达2.6亿美元，2024年上半年净亏损更是高达3.18亿美元。
收购影响
此次收购消息一出，博士伦的股价应声上涨，周一早盘股价上涨超过7%，达到21.69美元，与历史最高价仅相差不到0.3美元，与年初相比增长已超过23%。这一股价的飙升，反映了市场对此次收购的积极预期。
收购方背景
黑石集团和德太投资作为全球最大的私募股权投资公司之一，拥有丰富的跨行业投资经验，尤其在大健康领域。他们的介入，可能会为博士伦带来新的资金注入和战略调整，帮助其摆脱目前的财务困境。
中国市场挑战
博士伦在中国市场的业务同样面临挑战。尽管中国是博士伦全球第二大市场，但其在人工晶体等眼科医疗器械产品方面，面临着国产品牌和集采政策的挑战。随着国采中标的人工晶体开始大规模上市，博士伦的市场份额可能会有所缩减。
全球眼科市场前景
根据弗若斯特沙利文数据，全球眼科医疗器械市场规模预计将持续增长，到2025年预计达到407亿美元，2021年至2025年的复合增长率为11.1%，到2030年预计市场规模达到564亿美元。这一增长趋势，为博士伦的未来提供了广阔的市场空间。
如果此次收购能够成功，对于博士伦而言，可能是一个积极的转变。它不仅能够摆脱母公司的债务负担，还能借助新的投资方资源，进一步扩大其在全球眼科市场的份额。然而，收购的成功与否，以及收购后博士伦的发展策略，仍需市场和时间的检验。
In-depth Report: Blackstone Group and TPG Capital Join Forces to Acquire Bausch + Lomb, What Lies Ahead for the Ophthalmology Giant?
On October 14, 2024, news broke that Bausch + Lomb, a global ophthalmology giant, might be acquired by Blackstone Group and TPG Capital in a deal valued at up to $14 billion. This potential transaction could be one of the largest private equity buyouts of the year and may signal a new turning point for Bausch + Lomb after its parent company, Bausch Health, faced a debt crisis.
I. Background of the Acquisition
Bausch + Lomb, a renowned global eye care brand, operates in various sectors including contact lenses, eye drops, and ophthalmic surgical equipment. However, due to its parent company’s financial struggles, the sale of Bausch + Lomb has become a potential solution to alleviate its financial distress. Bausch Health currently holds 88% of Bausch + Lomb’s shares, and the company’s performance has been declining in recent years, with a net loss of $260 million in 2023 and a staggering $318 million in the first half of 2024.
II. Impact of the Acquisition
The news of the acquisition sent Bausch + Lomb’s stock price soaring, with a rise of over 7% in early trading on Monday, reaching $21.69, just shy of its all-time high and a more than 23% increase from the beginning of the year. This surge in stock price reflects the market’s positive anticipation of the acquisition.
III. Background of the Acquirers
Blackstone Group and TPG Capital, as some of the world’s largest private equity firms, have extensive cross-industry investment experience, especially in the healthcare sector. Their involvement could bring new capital and strategic adjustments to Bausch + Lomb, helping it to escape its current financial predicament.
IV. Challenges in the Chinese Market
Bausch + Lomb also faces challenges in the Chinese market. Although China is the company’s second-largest global market, it encounters competition from domestic brands and group purchasing policies in products like intraocular lenses. With the large-scale market entry of domestically produced intraocular lenses that have won national procurement bids, Bausch + Lomb’s market share may shrink.
V. Global Ophthalmology Market Outlook
According to Frost & Sullivan, the global ophthalmic medical device market is expected to continue growing, reaching an estimated $40.7 billion by 2025, with a compound annual growth rate of 11.1% from 2021 to 2025, and an expected market size of $56.4 billion by 2030. This growth trend offers vast market opportunities for Bausch + Lomb’s future.
Should the acquisition be successful, it could mark a positive transformation for Bausch + Lomb. It would not only free it from its parent company’s debt burden but also allow it to leverage new investors’ resources to further expand its share in the global ophthalmology market. However, the success of the acquisition and Bausch + Lomb’s development strategy post-acquisition will still need to withstand the test of the market and time.
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