Michael Nedelcovych

Douglas Miehm

Jason Gerberry

Leszek Sulewski

Michael Freeman

Glen Santangelo

Umer Raffat

Chi Meng Fong

David Amsellem

- Bausch Health Companies Inc. (BHC) announced the **consummation of its previously disclosed transaction** with DURECT Corporation (DURECT) on **September 11, 2025**.  **[885590_0001193125-25-200869_d934691d8k.htm:1]** 
- The transaction involved a tender offer for DURECT's common stock at **$1.75 per Share in cash**, along with contingent value rights for up to **$350,000,000 in aggregate milestone payments**.  **[885590_0001193125-25-200869_d934691d8k.htm:1]** 
- As of the offer's expiration on **September 10, 2025**, a total of **19,984,767 Shares** were validly tendered, representing approximately **62% of DURECT's total outstanding Shares**.  **[885590_0001193125-25-200869_d934691d8k.htm:1]** 
- Following the successful tender offer, DURECT Corporation merged with BHC Lyon Merger Sub, Inc. and became a **wholly-owned subsidiary** of Bausch Health Americas, Inc., an indirect subsidiary of BHC, on **September 11, 2025**.  **[885590_0001193125-25-200869_d934691d8k.htm:1]**

Bausch Health Companies Inc. Completes Acquisition of DURECT Corporation

Bausch Health Companies (BHC)