Synergy Pharmaceuticals Inc. shares slid 55 percent in premarket trading yesterday after the company filed for chapter 11 protection, allowing Bausch Health Cos. Inc. to serve as stalking-horse bidder for the company in a court-approved auction and sale processes, MarketWatch.com reported. Bausch, the former Valeant, will acquire Synergy's assets in a deal valued at about $200 million that is expected to close in the first quarter of 2019. Synergy specializes in gastrointestinal therapies, including its flagship Trulance product, a once-a-day table approved for adults with chronic constapion and irritable bowel syndrome with constipation.
