Bausch Health Companies’ (NYSE:BHC) Solta Medical unit has withdrawn its application to raise up to $100M through a US initial public offering.
Solta filed its IPO application in February. While the filing did not specify the number and pricing of the shares to be offered, an attached filing fee schedule indicated the company was looking to raise around $100M, a number that was likely a placeholder and subject to change.
Solta wasn’t going to receive any cash from the deal, with proceeds slated to go to its parent, Bausch Health. Solta is Bausch’s aesthetic medical devices unit, developing and marketing products for procedures such as body contouring, skin tightening and skin resurfacing.
The Solta spinout would’ve been Bausch’s second this year. The healthcare conglomerate held an IPO for its eye care unit Bausch + Lomb (BLCO) in May, raising $630M.