Bausch Health buy bankrupt Synergy Pharmaceuticals for $200m

Bankrupt drug developer Synergy Pharmaceuticals has announced that the company is to be acquired by Canadian speciality pharma firm Bausch Health for approximately $200 million in cash.

The New York-based company, who focused on drugs for constipation, will be sold to Bausch through a an auction to be carried out through a Chapter 11 bankruptcy filing, which allows businesses to sell themselves while being protected from creditors.

Synergy hope to wrap up the deal by the end of the first quarter of 2019. The deal would give Bausch the rights to Synergy’s once daily pill dolcanatide for use in treating both chronic idiopathic constipation and irritable bowel syndrome with constipation.

Court papers show that Synergy owes approximately $180 million to creditors. The company has been searching for a buyer since April 2015.

"Unfortunately, we have now reached a point where our financial challenges are preventing us from taking this important work to the next level," said Troy Hamilton, Chief Executive Officer of Synergy Pharmaceuticals Inc."

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