Bausch Health extends Durect tender offer to Sept. 10

Mr. Garen Sarafian reports BAUSCH HEALTH ANNOUNCES EXTENSION OF DURECT CORPORATION TENDER OFFER TO SEPTEMBER 10, 2025 BHC Lyon Merger Sub Inc., a wholly owned subsidiary of Bausch Health Americas Inc. and an indirect subsidiary of Bausch Health Companies Inc., has extended the expiration date of its tender offer to acquire all of the outstanding shares of common stock of Durect Corp. for $1.75 per share in an all-cash transaction for an upfront consideration of approximately $63-million at closing, with the potential for two additional net sales milestone payments of up to $350-million in the aggregate (subject to certain adjustments in respect of a retention plan) if the milestones are achieved before the earlier of the 10-year anniversary of the first commercial sale of larsucosterol (5-cholesten-3s, 25-diol 3-sulphate sodium salt) in the United States and Dec. 31, 2045. The offer, which was previously scheduled to expire at 5 p.m. New York time on Sept. 9, 2025, has been extended until 5 p.m. New York time on Sept. 10, 2025. Holders who have previously tendered their shares do not need to retender their shares or take any other action in response to this extension. The offer is being made pursuant to the terms and conditions described in the offer to purchase, dated Aug. 12, 2025 (as it may be amended or supplemented from time to time), the related letter of transmittal and certain other offer documents, copies of which are attached to the tender offer statement on Schedule TO filed by BHC, BHA and the purchaser with the U.S. Securities and Exchange Commission on Aug. 12, 2025. The offer is conditioned upon the fulfilment of certain conditions described in the tender offer -- Section 15 -- conditions to the offer of the offer to purchase, including, but not limited to, a majority of the outstanding shares of Durect's common stock being tendered into the offer and not withdrawn, as well as other customary closing conditions. About Bausch Health Companies Inc. Bausch Health is a global, diversified pharmaceutical company enriching lives through its relentless drive to deliver better health care outcomes. It develops, manufactures and markets a range of products primarily in gastroenterology, hepatology, neurology, dermatology, dentistry, aesthetics, international pharmaceuticals and eye health, through its controlling interest in Bausch + Lomb Corp. Its ambition is to be a globally integrated health care company, trusted and valued by patients, HCPs, employees and investors. Its gastroenterology business, Salix Pharmaceuticals, is one of the largest specialty pharmaceutical businesses in the world, and has licensed, developed and marketed innovative products for the treatment of gastrointestinal diseases for more than 30 years. About Durect Corp. Durect is a late-stage biopharmaceutical company pioneering the development of epigenetic therapies that target dysregulated DNA methylation to transform the treatment of serious and life-threatening conditions, including acute organ injury. Larsucosterol, Durect's lead drug candidate, binds to and inhibits the activity of DNA methyltransferases, epigenetic enzymes that are elevated and associated with hypermethylation found in AH patients. Larsucosterol is in clinical development for the potential treatment of AH, for which the Food and Drug Administration has granted a fast-track and a breakthrough therapy designation. MASH is also being explored. We seek Safe Harbor.