Bausch Health plans to spin off its eye care business Bausch and Lomb making it once again a separate company. 

B&L was acquired by what was then Canada-based Valeant Pharmaceuticals in 2013. It later became Bausch.

Bausch says the eye company would be built on the iconic Bausch and Lomb brand and long history of innovation. A second spin-off would focus on pharmaceuticals. 

Bausch CEO Joseph Papa said in part: 

"We believe that the time is right to begin the separation process, so each business has greater flexibility to pursue strategic opportunities in their respective markets."

Financial analyst George Conboy from Brighton Securities talked about what the news could mean for the Rochester area. 

"The most hoped for impact for Rochester is that Bausch and Lomb's headquarters could return to our area. Back when Valient, now Bausch Health, bought Bausch and Lomb, they moved their headquarters to Montreal. If the headquarters comes back that would be an important step in seeing an independent Bausch and Lomb in Rochester," said Conboy.

The deal could be finalized early next year.