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Bausch Health Companies Inc said on Thursday it was suspending plans for the initial public offering of its unit Solta Medical due to challenging market conditions.

It has been a gloomy year for U.S. capital markets, with IPO-bound Reddit Inc and Mobileye, the self-driving car unit of Intel Corp, facing challenges.

The Ukraine conflict and fears over the Federal Reserve’s policy tightening have in recent months forced several companies to postpone or shelve their plans to go public in the United States.

Bausch, previously known as Valeant Pharmaceuticals, said it would revisit alternative paths for medical esthetics company Solta in future.

In August, Bausch announced plans to pursue an IPO of Solta in a bid to shed non-core assets and cut down debt.

The Canadian company’s debt piled up due to aggressive deal-making under former Chief Executive Officer Mike Pearson.

The company’s eye-care unit, Bausch + Lomb, was recently listed in the United States and Canada.

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