Bausch Health (BHC) said Thursday that it has authorized its Bausch + Lomb (BLCO) subsidiary to explore a potential sale, among the options under consideration to complete a previously announced plan to separate the two companies.

"The company believes that completing the full separation of its subsidiary, Bausch + Lomb Corporation makes strategic sense," Bausch said in a statement requested by the Canadian Investment Regulatory Organization. "That process is ongoing. No decision has been reached to proceed with any particular transaction, and there can be no assurance that it will result in a transaction."

Bausch Health, which trades on both the New York and Toronto stock exchanges, said it does not intend to provide additional detail unless necessary.

Bausch Health shares were 1.6% higher in US premarket trading.