Bausch Health Companies Inc., acquires asets of Synergy Pharma including Trulance to treat chronic idiopathic constipation and IBS.

Bausch Health Companies Inc. announced that it has entered into a definitive agreement to acquire certain assets of Synergy Pharmaceuticals Inc.in a transaction valued at approximately $200 million plus certain assumed liabilities. Synergy filed a voluntary petition for reorganization under Chapter 11 of the U.S. Code with the U.S. Bankruptcy Court for the Southern District of New York earlier today. Under the terms of the agreement, and subject to Bankruptcy Court approval, 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 a biopharmaceutical company focused on the development and commercialization of novel gastrointestinal (GI) therapies. Synergy's flagship product, Trulance (plecanatide) is a once-daily tablet approved for adults with chronic idiopathic constipation (CIC) and irritable bowel syndrome with constipation (IBS-C).