Bausch Health Extends Durect Tender Offer Expiration Date

Bausch Health Companies (BHC) has extended the expiration date of its tender offer to acquire all of DURECT Corporation's (DRRX) outstanding shares for $1.75 per share, totaling approximately $63M. The offer has been extended until September 10, 2025, for holders who have previously tendered their shares. The deal includes potential milestone payments of up to $350M.

Bausch Health Companies Inc. (NYSE: BHC) has extended the expiration date of its tender offer to acquire all of DURECT Corporation's (NASDAQ: DRRX) outstanding shares. The offer, initially set to expire on September 9, 2025, has been extended to September 10, 2025, at 5:00 p.m. New York City time [1].

The all-cash transaction values DURECT at $1.75 per share, with an upfront consideration of approximately $63 million at closing. Additionally, the deal includes potential milestone payments of up to $350 million based on net sales achievements of larsucosterol, contingent on meeting targets before the earlier of 10 years after the first U.S. commercial sale or December 31, 2045 [1].

The one-day extension of the tender offer is a routine procedural step in the merger and acquisition (M&A) process, allowing Bausch Health to finalize regulatory compliance or reach the required tender threshold of a majority of outstanding shares. This extension does not indicate any material complications or competing bids [1].

For DURECT shareholders, the extension provides an additional window to participate in the tender offer without changing the fundamental value proposition. The transaction structure—immediate cash plus long-term milestones—balances guaranteed returns with potential upside if larsucosterol achieves commercial success, while transferring development and commercialization risk to Bausch Health [1].

This acquisition aligns with Bausch Health's strategy to expand its pharmaceutical portfolio through targeted acquisitions of promising drug candidates. The milestone-heavy structure limits immediate capital outlay while incentivizing the development team through the retention plan mentioned in the release [1].

The extension of the tender offer deadline reflects Bausch Health's commitment to completing the acquisition smoothly and in accordance with regulatory requirements. The transaction is subject to certain conditions, including a majority of the outstanding shares of DURECT Corporation's common stock being tendered into the offer and not withdrawn, as well as other customary closing conditions [1].

References:
[1] https://www.stocktitan.net/news/BHC/bausch-health-announces-extension-of-durect-corporation-tender-offer-wtv9xzc9s84v.html