Bausch Health to acquire DURECT for $1.75/share ($63M upfront) plus up to $350M milestones

Bausch Health Companies Inc.

Bausch Health will pay $1.75/share cash upfront, valuing DURECT at ~$63M, with up to $350M in additional net sales milestone payments.
The upfront price represents a ~191% premium to DURECT's 30-day VWAP and ~217% premium to the July 28 closing price.
DURECT's lead asset larsucosterol has FDA Breakthrough Therapy Designation for alcoholic hepatitis, with planned Phase 3 trial.
Transaction expected to close in Q3 2025, subject to majority tender and customary conditions.
Acquisition complements Bausch's hepatology pipeline alongside ongoing rifaximin SSD Phase 3 program.

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