Bausch Health to Acquire Certain Assets of Synergy Pharmaceuticals Inc.
February 26 2019 - 7:07PM
Dow Jones News
By Stephen Nakrosis
Bausch Health Companies Inc. (BHC) on Tuesday said it was
selected as the successful bidder to acquire certain assets of
Synergy Pharmaceuticals Inc. (SGYP), which voluntary filed for
bankruptcy last December.
Synergy said the deal was for approximately $195 million in cash
and the assumption of certain assumed liabilities.
Synergy confirmed the previously announced agreement with Bausch
was designated as the highest and best offer for Synergy's assets,
including all rights to Trulance, dolcanatide and related
intellectual property.
The auction scheduled for Feb. 26 didn't go forward, Synergy
said, as no party submitted a higher and better bid. Synergy said
it expects the agreement with Bausch to get approval from the U.S.
Bankruptcy Court for the Southern District of New York on March 1,
and the proposed sale will be completed shortly thereafter.
"As we continue to transform Bausch Health, we are now pivoting
to offense with research investments and strategic acquisitions
that augment our core businesses. We are excited to acquire the
assets of Synergy, which we believe will strategically enhance our
Salix Pharmaceuticals business and supplement our organic growth in
gastroenterology," said Joseph C. Papa, chairman and chief
executive of Bausch Health.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
February 26, 2019 18:52 ET (23:52 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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