Private equity firms TPG and Blackstone are joining forces in a bid to acquire eye care company Bausch + Lomb ( BLCO ) , the Financial Times reported.

Last month, Bausch + Lomb ( BLCO ) said it was considering a sale.

The auction is part of an effort to address concerns from creditors, including Apollo Global Management Inc ( APO ) ,  over the separation from parent company, Bausch Health ( BHC ) Companies ..

The Bausch + Lomb ( BLCO ) spin-off was part of Bausch Health’s plan to alleviate its $21 billion debt, a third of which is due by 2027.

If TPG and Blackstone are successful, the deal could rank among the largest private equity buyouts of the year. Bausch + Lomb’s enterprise value, including debt, amounts to $11.5 billion.

Other potential bidders are no longer in the running, positioning TPG and Blackstone as the front-runners.

The acquisition process is expected to value Bausch + Lomb ( BLCO ) at $13 billion to $14 billion, translating to a per-share price of up to $25.

Goldman Sachs is leading the sale process to end a feud between Bausch Health's ( BHC ) shareholders and creditors.

Bausch + Lomb ( BLCO ) CEO Brent Saunders orchestrated Allergan’s $63 billion sale to AbbVie Inc ( ABBV ) . Formal bids are expected by the end of the month, though no deal is guaranteed.

Bausch Health's ( BHC ) top shareholders, including Carl Icahn and John Paulson's Paulson & Co., had supported the spin-off, seeing potential benefits in owning a larger share of the more profitable eye care subsidiary.

Bausch Health ( BHC ) currently faces challenges with its leading drug, Xifaxan, which will lose patent protection by 2029.

Price Action: Bausch + Lomb ( BLCO ) stock is up 10.7% at $21.55 during the premarket session at last check Monday.

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