Business
Bausch Health Announces Extension of DURECT Corporation Tender Offer to September 10, 2025
LAVAL, QC AND CUPERTINO, CA / ACCESS Newswire / August 26, 2025 / Bausch Health Companies Inc....
About this update from Bausch Health Companies Inc.
[{"type":"text","content":"Bausch Health Announces Extension of DURECT Corporation Tender Offer to September 10, 2025LAVAL, QC AND CUPERTINO, CA / ACCESS Newswire / August 26, 2025 / Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC), a global, diversified pharmaceutical company, and DURECT Corporation (NASDAQ:DRRX) today announced that BHC Lyon Merger Sub, Inc. (\"Purchaser\"), a wholly owned subsidiary of Bausch Health Americas, Inc. (\"BHA\"), and an indirect subsidiary of Bausch Health Companies Inc. (\"BHC\"), has extended the expiration date of its tender offer (the \"Offer\") to acquire all of the outstanding shares of common stock of DURECT Corporation for $1.75 per share in an all-cash transaction for an upfront consideration of approximately $63 million at closing, with the potential for two additional net sales milestone payments of up to $350 million in the aggregate (subject to certain adjustments in respect of a retention plan) if the milestones are achieved before the earlier of the 10 year anniversary of the first commercial sale of larsucosterol (5-cholesten-3ß, 25-diol 3-sulfate sodium salt) in the United States and December 31, 2045.The Offer, which was previously scheduled to expire at 5:00 p.m., New York City time, on September 9, 2025, has been extended until 5:00 p.m., New York City time, on September 10, 2025. Holders that have previously tendered their shares do not need to re-tender their shares or take any other action in response to this extension.The Offer is being made pursuant to the terms and conditions described in the Offer to Purchase, dated August 12, 2025 (as it may be amended or supplemented from time to time, the \"Offer to Purchase\"), the related letter of transmittal and certain other offer documents, copies of which are attached to the tender offer statement on Schedule TO filed by BHC, BHA and Purchaser with the U.S. Securities and Exchange Commission (the \"SEC\") on August 12, 2025. The Offer is conditioned upon the fulfilment of certain conditions described in \"The Tender Offer-Section 15-Conditions to the Offer\" of the Offer to Purchase, including but not limited to, a majority of the outstanding shares of DURECT Corporation's common stock being tendered into the Offer and not withdrawn, as well as other customary closing conditions.About Bausch HealthBausch Health Companies Inc. (NYSE: BHC) (TSX: BHC),...