UPDATE: Synergy Pharma shares slide 55% as it files for Chapter 11, clearing way for sale too Bausch


Synergy Pharmaceuticals Inc. shares
sgyp
slid 55% in premarket trade Wednesday, after the company filed a voluntary petition for Chapter 11, allowing Bausch Health Cos. Inc. to serve as “stalking horse” bidder for the company in a court-approved auction and sale processes. Bausch, the former Valeant, will acquire Synergy’s assets in a deal valued at about $200 million that is expected to close in the first quarter of 2019. Synergy specializes in gastrointestinal therapies, including its flagship Trulance product, a once-a-day table approved for adults with chronic constapion and irritable bowel syndrome with constipation. That product will complement Bausch’s Salix business, Chief Executive Joseph Papa said in a statement. Bausch shares were up slightly premarket, and have gained 11% in 2018, while the S&P 500
SPX,
+0.88%
has fallen 1.4%.


View more information: https://www.marketwatch.com/story/synergy-pharma-shares-slide-29-as-it-files-for-chapter-11-clearing-way-for-sale-too-bausch-2018-12-12

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