Bausch Health completes acquisition of DURECT for $1.75/share plus CVRs

Bausch Health Companies Inc.

Tender offer closed with 62% of DURECT shares (19.98M) validly tendered and accepted.
Price: $1.75 per share in cash plus one contingent value right per share.
CVRs provide up to $350M aggregate milestone payments (net of retention bonuses).
BHC Lyon merged into DURECT; DURECT now a wholly-owned subsidiary of Bausch Health Americas.
Transaction consummated on September 11, 2025 after all conditions satisfied.

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