Dec 12 (Reuters) - Synergy Pharmaceuticals Inc SGYP.O :
* SYNERGY PHARMACEUTICALS ANNOUNCES AGREEMENT FOR BAUSCH HEALTH TO ACQUIRE ITS BUSINESS ASSETS
* SYNERGY PHARMACEUTICALS INC - DEAL FOR $200 MILLION IN CASH
* SYNERGY PHARMACEUTICALS INC - SYNERGY INITIATED VOLUNTARY PROCEEDINGS UNDER CHAPTER 11 OF U.S. BANKRUPTCY CODE
* SYNERGY PHARMACEUTICALS INC - FULLY INTENDS TO OPERATE ITS BUSINESS AS USUAL WHILE IT WORKS TO COMPLETE SALE THROUGH CHAPTER 11 PROCESS.
* SYNERGY PHARMACEUTICALS INC - BAUSCH HEALTH WOULD ACQUIRE SUBSTANTIALLY ALL OF SYNERGY'S ASSETS, INCLUDING ALL RIGHTS TO TRULANCE, DOLCANATIDE
* SYNERGY PHARMACEUTICAL - ENTERED BINDING TERM SHEET WITH EXISTING FIRST LIEN LENDERS FOR DIP FINANCING IN AMOUNT EQUAL TO $155 MILLION
* SYNERGY PHARMACEUTICALS - DIP FINANCING IS COMPRISED OF $110 MILLION OF ROLL UP PRE-PETITION LOAN OBLIGATIONS AND $45 MILLION OF NEW MONEY LOANS
* SYNERGY PHARMACEUTICALS - ALSO HAS FILED CUSTOMARY MOTIONS WITH COURT SEEKING AUTHORIZATION TO CONTINUE EMPLOYEE WAGES AND BENEFIT PROGRAMS, OTHERS
* SYNERGY PHARMACEUTICALS INC - SYNERGY AND ITS ADVISORS WILL EVALUATE COMPETING BIDS THAT MAY BE SUBMITTED
* SYNERGY PHARMACEUTICALS - PROPOSED SALE TO BAUSCH HEALTH IS EXPECTED TO BE CONDUCTED THROUGH SUPERVISED SALE PROCESS UNDER BANKRUPTCY CODE
* SYNERGY PHARMACEUTICALS INC - AGREEMENT WITH BAUSCH HEALTH COMPRISES INITIAL STALKING HORSE BID IN COURT-SUPERVISED AUCTION PROCESS