---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-200904"
form_type: "8-K"
ticker: null
cik: "0001082038"
company_name: "DURECT CORP"
filed_at: "2025-09-11T23:59:59+00:00"
generated_at: "2026-05-17T06:49:32.840470+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

# DURECT (DRRX) acquired by Bausch Health for $1.75/share plus CVR; delisted

## Summary
- Bausch Health subsidiary acquired 62% of DURECT shares via tender offer at $1.75/share plus one contingent value right (CVR).
- Merger closed Sept 11, 2025 under DGCL Section 251(h); DURECT became an indirect wholly-owned subsidiary of Bausch Health.
- CVR provides pro rata share of up to $350M in net sales milestone payments (two tranches) through 2045.
- All directors resigned; new directors from Bausch Health's merger sub appointed effective at close.
- Company requested Nasdaq delisting; trading halted Sept 11, 2025; will file Form 15 to suspend reporting.

## SEC filing metadata
- accession: 0001193125-25-200904
- form_type: 8-K
- cik: 0001082038
- company_name: DURECT CORP
- filed_at: 2025-09-11T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 2.01, 3.01, 3.03, 5.01, 5.02, 5.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1082038/000119312525200904/0001193125-25-200904-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1082038/000119312525200904/d55215d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-200904
- JSON: https://secwatch.observer/filing/0001193125-25-200904.json
- Plain text: https://secwatch.observer/filing/0001193125-25-200904.txt

## Key facts
- Governance Changes
  DURECT CORP: Certificate of incorporation amended and restated in its entirety (effective 2025-09-11).
  - Change: charter amendment
  - Effective: 2025-09-11
  source text: the Company’s certificate of incorporation and bylaws were each amended and restated in their entirety and, as so amended and restated, became the certificate of incorporation and bylaws of the Surviving Corporation.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1082038/000119312525200904/0001193125-25-200904-index.htm
- Governance Changes
  DURECT CORP: Bylaws amended and restated in their entirety (effective 2025-09-11).
  - Change: bylaw amendment
  - Effective: 2025-09-11
  source text: the Company’s certificate of incorporation and bylaws were each amended and restated in their entirety and, as so amended and restated, became the certificate of incorporation and bylaws of the Surviving Corporation.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1082038/000119312525200904/0001193125-25-200904-index.htm

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