NEW YORK, March 1, 2019 /PRNewswire/ -- Synergy
Pharmaceuticals Inc. (NASDAQ: SGYP) (the "Company" or "Synergy"), a
biopharmaceutical company focused on the development and
commercialization of novel gastrointestinal (GI) therapies, today
confirmed that the previously announced agreement with Bausch
Health Companies Inc. has been approved by the Bankruptcy Court.
The sale of Synergy's assets, including all rights to TRULANCE®
(plecanatide), dolcanatide and related intellectual property, is
now expected to close on or about March 5,
2019.
Synergy on December 12, 2018,
initiated voluntary proceedings under Chapter 11 of the U.S.
Bankruptcy Code in the U.S. Bankruptcy Court for the Southern
District of New York to facilitate
a sale and address its debt obligations. Additional information
about Synergy's Chapter 11 cases can be found at
https://cases.primeclerk.com/Synergy.
Synergy is advised in this transaction by Skadden, Arps, Slate,
Meagher & Flom LLP, Sheppard, Mullin, Richter & Hampton
LLP, Centerview Partners, FTI Consulting, and Togut, Segal &
Segal LLP.
Forward-Looking Statements
This press release contains forward-looking statements, which
are based on our current expectations, estimates, and projections
about the businesses and prospects of the Company and its
subsidiaries ("we" or "us"), as well as management's beliefs, and
certain assumptions made by management. Words such as
"anticipates," "expects," "intends," "plans," "believes," "seeks,"
"estimates," "may," "should," "will" and variations of these words
are intended to identify forward-looking statements. Such
statements speak only as of the date hereof and are subject to
change. The Company undertakes no obligation to revise or update
publicly any forward-looking statements for any reason. These
statements are not guarantees of future performance and are subject
to certain risks, uncertainties, and assumptions that are difficult
to predict. Forward-looking statements discuss, among other
matters: the Company's ability to complete the proposed sale to
Bausch Health on or about March 5,
2019; risks and uncertainties associated with Chapter
11 proceedings; the negative impacts on our business as a result of
filing for and operating under Chapter 11 protection; the time,
terms and ability to confirm a Chapter 11 plan of reorganization
for our business; the unpredictability of our financial results
while in Chapter 11 proceedings; our ability to discharge claims in
Chapter 11 proceedings; negotiations with the holders of our
indebtedness and our trade creditors; risks and uncertainties with
performing under the terms of the debtor-in-possession ("DIP")
financing arrangements and any other arrangement with lenders or
creditors while in Chapter 11 proceedings; the forecasted uses
of funds in the Company's DIP budgets; our ability to fund
ongoing operations through the applicable DIP financing
arrangements; the use of the funds anticipated to be received in
the DIP financing arrangements; the ability to control costs
during Chapter 11 proceedings; the risk that our Chapter 11 Cases
may be converted to cases under Chapter 7 of the Bankruptcy Code;
the ability of the Company to preserve and utilize the NOLs
following Chapter 11 proceedings; any statements or assumptions
underlying any of the foregoing as well as those risks and
uncertainties disclosed under the sections entitled "Risk Factors"
and "Management's Discussion and Analysis of Financial Condition
and Results of Operations" in our Forms 10-Q filed with the
Securities and Exchange Commission ("SEC") on May 10, 2018,
August 8, 2018 and November 9, 2018 and Form 10-K
filed with the SEC on March 1, 2018, and similar disclosures
in subsequent reports filed with the SEC. Accordingly, actual
results could differ materially and adversely from those expressed
in any forward-looking statements as a result of various
factors.
About Synergy Pharmaceuticals
Synergy is a biopharmaceutical company focused on the
development and commercialization of novel gastrointestinal (GI)
therapies. The company has pioneered discovery, research and
development efforts around analogs of uroguanylin, a naturally
occurring human GI peptide, for the treatment of GI diseases and
disorders. Synergy's proprietary GI platform includes one
commercial product TRULANCE® (plecanatide) and a second product
candidate - dolcanatide. For more information, please visit
www.synergypharma.com.
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SOURCE Synergy Pharmaceuticals Inc.