Bausch Health Strikes Bold With Durect Buy: A Strategic Bet On Liver Therapies?

Bausch Health Companies has made headlines with its definitive agreement to acquire liverfocused biotech Durect Corporation (NASDAQ:DRRX) for $1.75 per share in cash, representing a ~217% premium to DRRX’s pre-announcement closing price and valuing the deal at approximately $63 million upfront. In addition, contingent milestone payments linked to commercial sales could push the total consideration to $413 million. The acquisition, expected to close in Q3 2025, adds Durect’s lead candidate larsucosterol to Bausch’s pipeline—a drug that has demonstrated encouraging Phase 2 data for alcoholic hepatitis (AH) and is preparing for a Phase 3 registrational program. This move comes amid Bausch’s eighth consecutive quarter of revenue and EBITDA growth, a successful $7.9 billion refinancing, and resilience across all key business segments, particularly Salix and Solta. The Durect acquisition could offer Bausch new strategic levers in innovation, pipeline synergies, geographic diversification, and long-term capital efficiency. Here’s a closer look at what the potential synergies could be.