Healthy decisions, Bausch Health (NYSE: BHC) completes DURECT acquisition for $63 million

Bausch Health Companies Inc. (NYSE: BHC) completed its acquisition of DURECT Corporation (DRRX) for $1.75 per share in cash, representing approximately $63 million at closing. The transaction includes potential milestone payments of up to $350 million if achieved before December 31, 2045.

The tender offer expired September 10, 2025, with approximately 19,984,767 shares tendered, representing 62% of DURECT’s outstanding shares. Following the tender offer, a wholly owned subsidiary of Bausch Health merged with DURECT, making it a wholly owned subsidiary.

The acquisition adds larsucosterol, DURECT’s lead asset with FDA Breakthrough Therapy designation for alcohol-associated hepatitis, to Bausch Health’s hepatology pipeline. A registrational Phase 3 clinical trial is being planned to evaluate larsucosterol’s safety and efficacy for treating severe alcohol-associated hepatitis.

“There is an urgent need for treatments for alcohol-associated hepatitis, a disease that leads to significant hospitalizations each year,” said Thomas J. Appio, chief executive officer of Bausch Health. “This addition supports our ongoing efforts to develop innovative therapies for liver diseases with limited or no current treatment options.”

Currently, no approved therapies exist specifically for alcohol-associated hepatitis treatment. Patients rely on supportive care such as corticosteroids, which result in approximately 30% mortality within 90 days of hospitalization.

DURECT shares ceased trading on NASDAQ prior to market opening on September 11, 2025. The company will be delisted from NASDAQ and deregistered under the Securities Exchange Act.

Centerview Partners served as financial advisor and Sullivan & Cromwell as legal advisor to Bausch Health. Locust Walk served as financial advisor and Orrick, Herrington & Sutcliffe as legal advisor to DURECT.