December 12, 2018 / 11:54 AM / 2 years ago

BUZZ-Synergy Pharma: Jumps on deal to sell assets for $200 mln

** Drugmaker’s shares up 12.1 pct at $0.38 premarket after Canada’s Bausch Health Companies Inc agreed to buy all of its assets

** SGYP is the top pct gainer among U.S. stocks before the opening bell

** Deal for $200 mln in cash and includes all rights to SGYP’s lead drug Trulance, used to treat constipation

** To facilitate sale and address its debt, SGYP voluntarily filed for Chapter 11 bankruptcy

** Per terms of deal, Bausch Health will serve as “stalking horse” bidder in a court-supervised auction and sale process

** A stalking horse bid is an attempt by a bankrupt debtor to test the market for assets ahead of auctioning them, in order to maximize value of its assets and avoid low bids

** SGYP has lost 84 pct of its value this year (Reporting by Amy Caren Daniel in Bengaluru)

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