New York City-based Synergy Pharmaceuticals, a biopharmaceutical company that develops gastrointestinal therapies, has filed for Chapter 11 bankruptcy.
The company, which intends to operate as normal throughout the bankruptcy process, entered an agreement to sell its assets to Bausch Health Companies for approximately $200 million. The proposed sale will occur through bidding procedures approved by the bankruptcy court, and Synergy will evaluate competing bids to ensure it receives the highest offer for its assets.
Synergy aims to complete the sale by the end of the first quarter of 2019.
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