---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-167131"
form_type: "8-K"
ticker: "BHC"
cik: "0000885590"
company_name: "Bausch Health Companies Inc."
filed_at: "2025-07-29T23:59:59+00:00"
generated_at: "2026-05-17T23:55:59.010910+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-167131
- form_type: 8-K
- ticker: BHC
- cik: 0000885590
- company_name: Bausch Health Companies Inc.
- filed_at: 2025-07-29T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/885590/000119312525167131/0001193125-25-167131-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/885590/000119312525167131/d943437d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-167131
- JSON: https://secwatch.observer/filing/0001193125-25-167131.json
- Plain text: https://secwatch.observer/filing/0001193125-25-167131.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.