secwatch.observer — SEC 8-K summary
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Issuer:     DURECT CORP (—)
CIK:        0001082038
Form:       8-K
Filed at:   2025-09-11T23:59:59+00:00
Accession:  0001193125-25-200904
Event type: m_and_a
Sentiment:  neutral
Materiality: 1.00
Item codes: 2.01, 3.01, 3.03, 5.01, 5.02, 5.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1082038/000119312525200904/0001193125-25-200904-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1082038/000119312525200904/d55215d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-25-200904

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