Valeant Pharmaceuticals is reaching out to potential buyers for its specialty contact lens manufacturing division, Paragon Vision Sciences, amid scrutiny from the Federal Trade Commission, according to two people familiar with the matter.
A sale of Paragon, which Valeant's Bausch & Lomb unit purchased earlier this year for an undisclosed sum, would deal a blow to the specialty pharmaceutical company's attempt to consolidate the market for gas permeable contact lenses, a type of rigid lens popular among people with keratoconus, a thinning disorder of the cornea, among other eye diseases.
The FTC has been investigating Valeant for potentially cornering a portion of the lens market.
It is unclear whether the process will result in a sale and the identity of the potential buyers is unknown. A spokesperson for Valeant said the company does not comment on market rumors or speculation and noted that Valeant is cooperating fully with the FTC.