Bausch Health to Acquire Certain Assets of Synergy Pharmaceuticals Inc.

   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 [e-mail]

(END) Dow Jones Newswires

February 26, 2019 18:52 ET (23:52 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.