Synergy Pharmaceuticals Inc. (SGYP) on Friday confirmed its previously announced agreement with Bausch Health Companies Inc. (BHC) has been approved by the U.S. Bankruptcy Court for the Southern District of New York.

The sale of Synergy's assets, including all rights to Trulance, dolcanatide and related intellectual property, is now expected to close on or about March 5.

Bausch Health Companies on Tuesday said it was selected as the successful bidder to acquire certain assets of Synergy Pharmaceuticals, which voluntarily filed for bankruptcy in December, for approximately $195 million in cash and the assumption of certain assumed liabilities.

The auction scheduled for Feb. 26 didn't go forward, Synergy said, as no party submitted a higher and better bid.

Write to Aaron Rennie at aaron.rennie@wsj.com

(END) Dow Jones Newswires

March 01, 2019 18:58 ET (23:58 GMT)

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