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Bausch Health to acquire certain assets from Synergy Pharmaceuticals Inc under bankruptcy court approval.

M2 EQUITYBITES-February 27, 2019-Bausch Health to acquire certain assets from Synergy Pharmaceuticals Inc under bankruptcy court approval


Health care products company Bausch Health Companies Inc (NYSE:BHC) (TSX:BHC) reported on Tuesday that it plans to acquire certain assets of Synergy Pharmaceuticals Inc (NASD:SGYP) for a cash purchase price of USD195m plus the assumption of certain assumed liabilities following successful stalking horse bidding.

In December 2018, Synergy filed a voluntary petition for reorganization under Chapter 11 of the US Code with the US Bankruptcy Court for the Southern District of New York (the Bankruptcy Court), under which, Bausch Health signed a definitive agreement to acquire certain assets of Synergy.

Synergy's flagship product, TRULANCE (plecanatide) is a once-daily tablet approved for adults with chronic idiopathic constipation (CIC) and irritable bowel syndrome with constipation (IBS-C) and its investigational compound, dolcanatide, is an incremental peptide with established proof-of-concept studies in multiple GI conditions.

As part of the agreement, Bausch Health served as the stalking horse bidder in Synergy's sale process pursuant to Section 363 of the Bankruptcy Code and court-approved bidding procedures.The hearing to approve the sale is scheduled for 1 March 2019.

Subject to approval of the Bankruptcy Court and the satisfaction or waiver of certain other closing conditions, the transaction is expected to close shortly after receipt of approval of the sale.

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Publication:M2 EquityBites (EQB)
Date:Feb 27, 2019
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