February 27, 2019 / 11:42 AM / 9 months ago

BUZZ-Synergy Pharma: Plunges as no bids outdo Bausch's in Ch. 11 auction

** Shares of Synergy Pharma dive ~73 pct to $0.055 premarket, driving further into penny stock territory

** Synergy says prior deal to sell assets to Bausch Health stands as no “higher and better” bids came in, forcing it to cancel its auction on Feb. 26

** About 332k SGYP shares traded, easily the most-traded stock before the bell (SGYP’s 25-day moving avg is $9.1 mln)

** Bausch says it bid about $195 mln cash plus certain assumed liabilities; seeks Bankruptcy Court approval on March 1

** Bausch’s U.S.-listed shares flat in low premarket volumes

** Synergy filed for Ch. 11 protection on Dec. 12 and struck a deal to sell its assets to Bausch for $200 mln cash plus certain assumed liabilities

** SGYP sank 53 pct on that day and is down ~41 pct since

** But, SGPY entered penny-stock territory on Oct. 26, when it plunged ~69 pct after its strategic review process failed to yield any financially viable acquisition or partnership offers

** Losses since that day total ~86 pct through Tuesday’s close; SGYP was at $1.40 on Oct. 25 and its 52-wk high is $2.26 (Reporting by Savio D’Souza)

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