Bausch Health Companies has acquired biopharma Synergy Pharmaceuticals out of bankruptcy for $200 million.
News of the acquisition comes as the beleaguered company filed a voluntary petition for reorganisation with the Bankruptcy Court.
Now, as per the agreement and subject to the approval of the Bankruptcy Court, Bausch Health will serve as the “stalking horse” bidder in a court-supervised auction and sale process, which Synergy will conduct pursuant to Section 363 of the Bankruptcy Code.
Synergy is focused on the development and commercialisation of novel gastrointestinal therapies. Its flagship product, TRULANCE (plecanatide), is a once-daily tablet approved for adults with chronic idiopathic constipation and irritable bowel syndrome with constipation.
“The acquisition of the assets of Synergy will enhance our Salix Pharmaceuticals business,” said Bausch CEO and Chairman Joseph C Papa.
“We believe TRULANCE is a natural complement to XIFAXAN (rifaximin), and with the scale and strength of our sales footprint in GI and primary care, our Salix team will be able to offer physicians and patients multiple treatment options that span the types of irritable bowel syndrome.
“Furthermore, adding Synergy’s investigational dolcanatide to our pipeline will provide an incremental peptide with established proof-of-concept studies in multiple GI conditions.”