BRIEF—Bausch Health successful bidder for Synergy assets

Synergy Pharmaceuticals has confirmed that the previously announced agreement with Bausch Health Companies has been designated as the highest and best offer for Synergy's assets, including all rights to irritable bowel syndrome with constipation (IBS-C) drug Trulance (plecanatide), dolcanatide and related intellectual property.

The transaction is valued at approximately $200 million plus certain assumed liabilities.

Shares of Synergy were down 84.5% at $0.031 in after-hours trading yesterday.

The auction scheduled for February 26, 2019, did not proceed, as no party submitted a higher and better bid in accordance with the bidding procedures established by the US Bankruptcy Court for the Southern District of New York. Synergy currently expects the agreement with Bausch Health will be approved by the Bankruptcy Court on March 1, 2019, and that the proposed sale will be completed shortly thereafter.

Synergy on December 12, 2018, initiated voluntary proceedings under Chapter 11 of the US Bankruptcy Code in the US Bankruptcy Court for the Southern District of New York to facilitate a sale and address its debt obligations.

Additional information about Synergy's Chapter 11 cases can be found at https://cases.primeclerk.com/Synergy.