Bausch + Lomb, a leading eyecare company, has seen its stock rise sharply following reports of a potential acquisition bid by private equity giants TPG and Blackstone. According to a report by the Financial Times, the two firms are considering a joint bid that could value Bausch + Lomb at an enterprise value between $13 billion and $14 billion, or up to $25 per share. This news has led to a 12% increase in Bausch + Lomb's stock in premarket trading.

The potential acquisition is seen as one of the largest private equity buyouts of the year. Bausch + Lomb's enterprise value, including debt, was reported to be $11.5 billion as of the market close on Friday. The company is currently exploring a sale to address concerns from its creditors, including Apollo Global Management, about its separation from its parent company, Bausch Health. Bausch Health, which owns 88% of Bausch + Lomb, is dealing with significant debt and is considering a spin-off of the contact lens supplier.

TPG and Blackstone have been frontrunners in the bidding process, with both firms having expressed interest in Bausch + Lomb even before its public listing in 2022. TPG's existing investments in the ophthalmology sector, such as its ownership of BVI Medical, make this potential acquisition particularly strategic.

The sale process, led by Goldman Sachs, aims to resolve disputes between Bausch Health's shareholders and creditors. Formal bids are expected by the end of the month, although there is still a possibility that a deal may not materialize. The market is watching closely, as the outcome could significantly impact Bausch + Lomb's future and its parent company's financial stability.