Deal is first acquisition in more than three years since Valeant bought maker of female sexual dysfunction drug for $1 billion before selling it for next to nothing
LAVAL, Que. — Bausch Health Companies Inc. has been selected as the winning bidder to acquire certain assets of Synergy Pharmaceuticals Inc. for about $195 million plus certain liabilities.The Quebec-headquartered pharmaceutical company formerly called Valeant Inc. had been the “stalking horse” bidder in a court-supervised auction and sale process.Synergy, a U.S. maker of gastrointestinal therapies, filed for bankruptcy in December under Chapter 11.
Bausch Health, formerly Valeant, predicts revenue growth as debt load lessens Bausch’s Papa says ‘transformation on track’ as debt paydown continues Moody’s upgrades Bausch Health rating outlook to positive, injecting dose of hope A hearing to approve the sale is scheduled for Friday.Bausch says the acquisition will enhance its Salix Pharmaceuticals business since Synergy’s Trulance product would “strategically enhance” its product for gastrointestinal problems, Xifaxan, and its sales footprint.
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