Bausch Health Extends Tender Offer for DURECT Corporation
In a strategic move that underscores its commitment to expanding its pharmaceutical portfolio, Bausch Health Companies Inc. has announced an extension of its tender offer for DURECT Corporation. This extension, now set to expire on September 10, 2025, allows Bausch Health to acquire all outstanding shares of DURECT at $1.75 per share in an all-cash transaction. The initial offer, which was scheduled to close on September 9, 2025, has been extended by a day to facilitate further negotiations and shareholder decisions.
The transaction, valued at approximately $63 million at closing, includes the potential for additional milestone payments totaling up to $350 million. These payments are contingent upon the achievement of specific milestones related to the commercial sale of larsucosterol, a drug developed by DURECT, within the United States. The milestones are set to be achieved before the earlier of the 10-year anniversary of the drug’s first commercial sale or December 31, 2045.
Bausch Health, a diversified pharmaceutical company listed on both the New York Stock Exchange (NYSE:BHC) and the Toronto Stock Exchange (TSX:BHC), is known for its focus on developing drugs for unmet medical needs in areas such as central nervous system disorders, eye health, and gastrointestinal diseases. The acquisition of DURECT is expected to bolster Bausch Health’s portfolio in these critical areas, aligning with its mission to address significant health challenges.
The tender offer is being conducted by BHC Lyon Merger Sub, Inc., a wholly owned subsidiary of Bausch Health Americas, Inc., and an indirect subsidiary of Bausch Health Companies Inc. Shareholders of DURECT who have already tendered their shares are not required to re-tender, ensuring a smooth transition as the acquisition process continues.
This strategic acquisition highlights Bausch Health’s proactive approach to growth and its dedication to enhancing its product offerings in the pharmaceutical sector. As the company continues to navigate the complexities of the healthcare industry, this move is a testament to its commitment to innovation and addressing the needs of patients worldwide.
In related financial news, Carl Icahn, a prominent investor, has made significant adjustments to his portfolio in the second quarter of 2025. Notably, Bausch Health Cos., Inc. has been included in the top 10 fixed-income holdings of the AllianceBernstein Global High Income Fund, Inc., indicating a strong market position and investor confidence in the company’s financial health and future prospects.