Northland downgraded Durect (DRRX) to Market Perform from Outperform with a $2.50 price target after Bausch Health (BHC) announced a definitive agreement to indirectly acquire Durect for $1.75 per share in an all-cash transaction for an upfront consideration of approximately $63M at closing, with the potential for two additional net sales milestone payments of up to $350M in the aggregate if achieved.
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