Former Pharma Highflier Appreciates Bathroom Humor -- Overheard

By Charley Grant

What's old is new again in pharma.

Bausch Health, formerly known as Valeant Pharmaceuticals, is back in the acquisitions game after a long hiatus. The company announced Wednesday that it has acquired the assets of Synergy Pharmaceuticals for $200 million. The deal gives Bausch access to Synergy's lead drug Trulance, which treats irritable bowel syndrome.

The deal is Bausch's first major acquisition since 2015. At that time, Valeant had become one of the world's most valuable drug companies by buying up troubled assets. Valeant later had to abandon that strategy because of a bloated balance sheet and heavy scrutiny of the company's sales and pricing practices.

Synergy is infamous in its own special way. The company made headlines last year when it launched the Poop Troop, a series of emojis "to allow people to better express the physical and emotional impact of chronic idiopathic constipation." Sales have largely disappointed.

Some companies are just meant to be together.

Write to Charley Grant at charles.grant@wsj.com

(END) Dow Jones Newswires

December 12, 2018 10:55 ET (15:55 GMT)

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