By Robb M. Stewart

Durect's shares saw a more than fourfold jump after agreeing to a deal to be acquired by Canadian pharmaceutical company Bausch Health for $63 million in cash upfront.

In morning trading, Durect shares were changing hands at $2.37, soaring from the previous day's close of 55 cents. Bausch was down 1.4% at C$9.32 in Toronto, widening the year-to-date fall to 20%.

Bausch said Tuesday it reached a definitive agreement under which it will pay $1.75 a share upfront for Durect. Two possible milestone payments totaling up to $350 million will be payable by Bausch if certain targets are reached before either the 10-year anniversary of the first commercial sales in the U.S. and the end of 2045.

The transaction, which is expected to close in the third quarter, remains conditioned on a majority of the outstanding shares of Durect being tendered to the offer.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

July 29, 2025 10:15 ET (14:15 GMT)

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