Valeant Pharmaceuticals International, the company whose enormous price increases on old drugs helped fuel public outrage over high drug costs, is changing its name, the company announced Tuesday.

The new name will be Bausch Health Companies, to reflect the company’s better-known and more respected subsidiary, the eye care company Bausch + Lomb, which it acquired in 2013. The company announced the change, which will take effect in July, as part of its first-quarter earnings.

Joseph C. Papa, the chief executive of Valeant who took over in 2016 as part of an effort to turn around the ailing company, said the Bausch name invokes the rich history of Bausch + Lomb, which dates to when J.J. Bausch opened his first optical goods shop in Rochester, N.Y., more than 165 years ago.