M&A · Healthcare · Pharmaceutical Preparations
Bausch Health Companies Inc. to acquire Durect Corp
Announced Jul 29, 2025 · Closed Sep 11, 2025
Deal value$63MEV $57M
Premium217.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$1.75 per share
Transaction
- Acquirer
- Bausch Health Companies Inc. (BHC)
- Target
- Durect Corp (DRRX)
- Buyer type
- Strategic
- Offer price per share
- $1.75
- Enterprise value
- $57M
- Status
- Closed Sep 11, 2025
Deal protections
- Break fee (target pays)
- $3.5M · 5.6%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Centerview
- To the target
- Locust Walk
- Locust Walk fee
- $3.0M
Sector context · Healthcare
- Comparable deals
- 95 in the prior 24 months
- Premium
- 217.0% vs. 67.0% sector median
- EV / Adj. EBITDA
- Sector median 14.5x
- Break fee
- 5.6% vs. 3.4% sector median
Timeline
- AnnouncedJul 29, 2025
- Tender offerAug 12, 2025
- ClosedSep 11, 2025
Valuation · fairness opinions
Discounted cash flow$1.67$2.82
Discounted cash flow$1.67$2.28
Premiums paid$1.08$1.81
Trading comparables$1.05$1.72
Premiums paid$1.02$1.99
Offer $1.75
Implied value per Durect Corp share by analysis, from Locust Walk.