Canada-based Bausch Health Companies has won a bid to acquire certain assets of US-based biopharmaceutical firm Synergy Pharmaceuticals for a cash consideration of $195m.
The terms of the deal also include the assumption of selected assumed liabilities, pursuant to the stalking horse agreement signed by Bausch Health and Synergy.
Synergy Pharmaceuticals is engaged in the development and commercialisation of new treatment options for patients suffering from gastrointestinal (GI) therapies.
The company filed a voluntary petition for bankruptcy under Chapter 11 of the US Code in December last year.
Bausch Health then entered a definitive agreement to buy select Synergy Pharmaceuticals assets. The Canadian company served as the ‘stalking horse’ bidder in a court-supervised auction and sale process.
Synergy Pharmaceuticals found Bausch Health’s offer to be the highest and best bid for its assets. Bausch Health expects the acquisition to boost its Salix Pharmaceuticals business focused on GI diseases.
Bausch Health chairman and CEO Joseph Papa said: “We are excited to acquire the assets of Synergy, which we believe will strategically enhance our Salix Pharmaceuticals business and supplement our organic growth in gastroenterology.
“With our team’s expertise in GI and primary care, we will strengthen our already formidable portfolio of innovative irritable bowel syndrome solutions with the addition of Trulance.”
Synergy’s Trulance is a once-daily medicine indicated for adults with chronic idiopathic constipation (CIC) and irritable bowel syndrome with constipation (IBS-C).
Its investigational incremental peptide dolcanatide will also be added to Bausch Health’s pipeline.
Bausch Health develops, manufactures and markets pharmaceutical, medical device and over-the-counter products across gastroenterology, eye health and dermatology areas.