Synergy Pharmaceuticals Inc. (SGYP) confirmed that the previously announced agreement with Bausch Health Companies Inc. (BHC) has been designated as the highest and best offer for Synergy’s assets, including all rights to TRULANCE, dolcanatide and related intellectual property. The auction scheduled for February 26, 2019, did not proceed, as no party submitted a higher and better bid in accordance with the bidding procedures established by the U.S. Bankruptcy Court for the Southern District of New York. Synergy currently expects the agreement with Bausch Health will be approved by the Bankruptcy Court on March 1, 2019, and that the proposed sale will be completed shortly thereafter.
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