Biotech Values

[WorstLuck]

The drug Larsucosterol is entering P3.
via LLM:

Deal Structure: Bausch Health will acquire DURECT for $1.75 cash per share in an all-cash tender offer.

CVR Terms: In addition to the cash payment, each DURECT common share will receive one non-tradable Contingent Value Right (CVR).

Milestone Payments: The CVR entitles holders to their pro-rata share in up to two net sales milestone payments totaling up to $350 million:

$100 million upon DURECT's drug larsucosterol achieving at least $500 million worldwide annual net sales (Milestone 1).

$250 million upon reaching at least $1 billion in worldwide annual net sales (Milestone 2).

Milestone Expiration: Milestones must be reached before the earlier of:

10 years from the first commercial sale of larsucosterol in the U.S., or

December 31, 2045.