FTC Approves Final Order with Parent Company of Bausch + Lomb

Following a public comment period, the Federal Trade Commission has approved a final order settling charges that Bausch + Lomb parent company Valeant Pharmaceuticals International, Inc. illegally acquired Paragon Holdings I, Inc.

Prior to the 2015 acquisition, both Valeant and an independent Paragon produced polymer discs, or “buttons,” used to make rigid gas permeable, or “GP,” contact lenses. The FTC alleged that Valeant’s acquisition of Paragon eliminated competition between the two companies for the sale of FDA-approved buttons used for three types of GP lenses. The acquisition combined the two largest manufacturers of GP buttons, accounting for more than 70 percent of U.S. sales across all three button types according to the complaint. The FTC also alleged that following Valeant’s acquisition of Paragon, the company used its market power to increase prices, reduce volume discounts, decrease innovation, and reduce product distribution options in each button market.

First announced in November 2016, the order required Valeant to sell Paragon in its entirety to a newly created entity, Paragon Companies LLC, which also would acquire the assets of Pelican Products LLC. Pelican – a contact lens packaging manufacturer that Valeant acquired after it bought Paragon – was the only producer of FDA-approved vials used for shipping some finished GP lenses.

The Commission vote approving the final order was 3-0. (FTC File No. 151 0236; the staff contact is Charles Harwood, Director, Northwest Regional Office, 206-220-4480.)

The Federal Trade Commission works to promote competition, and protect and educate consumers. You can learn more about how competition benefits consumers or file an antitrust complaint. Like the FTC on Facebook, follow us on Twitter, read our blogs and subscribe to press releases for the latest FTC news and resources.

IR Press

Recent Posts

Treasury Issues Final Rule Expanding CFIUS Coverage of Real Estate Transactions Around More Than 60 Military Installations

WASHINGTON – Today, the U.S. Department of the Treasury (Treasury), as Chair of the Committee…

4 days ago

U.S. Department of the Treasury’s CDFI Fund and Federal Housing Finance Agency Collaborate to Bolster CDFI Access to Capital

WASHINGTON—Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) and…

4 days ago

Report on U.S. Portfolio Holdings of Foreign Securities at Year-End 2023

Washington – The findings from the annual survey of U.S. portfolio holdings of foreign securities…

5 days ago

READOUT: U.S. Department of the Treasury Hosts Roundtable Discussion on the Financial Sector’s Response to Recent Hurricanes

WASHINGTON – The U.S. Department of the Treasury hosted a roundtable on October 30 with…

5 days ago

READOUT: Sixth Meeting of the Financial Working Group Between the United States and the People’s Republic of China

WASHINGTON – The United States and the People’s Republic of China held the sixth meeting…

5 days ago

Treasury Sanctions Key Members of La Linea, a Group Involved in Trafficking Fentanyl into the United States

WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned…

5 days ago