---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-200869"
form_type: "8-K"
ticker: "BHC"
cik: "0000885590"
company_name: "Bausch Health Companies Inc."
filed_at: "2025-09-11T23:59:59+00:00"
generated_at: "2026-05-17T06:56:39.340379+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-200869
- form_type: 8-K
- ticker: BHC
- cik: 0000885590
- company_name: Bausch Health Companies Inc.
- filed_at: 2025-09-11T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/885590/000119312525200869/0001193125-25-200869-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/885590/000119312525200869/d934691d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-200869
- JSON: https://secwatch.observer/filing/0001193125-25-200869.json
- Plain text: https://secwatch.observer/filing/0001193125-25-200869.txt

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