# EDGAR Filing Document

**Accession Number:** 0001134620
**File Stem:** 0000950170-25-114667
**Filing Date:** 2025-9
**Character Count:** 10515
**Document Hash:** 633a515f03cd2b3c2a6f4238dbd1677f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-114667.hdr.sgml**: 20250912

**ACCESSION NUMBER**: 0000950170-25-114667

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250911

**FILED AS OF DATE**: 20250912

**DATE AS OF CHANGE**: 20250912

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** BROWN JAMES E
- **CENTRAL INDEX KEY:** 0001134620

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-31615
- **FILM NUMBER:** 251312970

**MAIL ADDRESS:**
- **STREET 2:** 10240 BUBB RD
- **CITY:** CUPERTINO
- **STATE:** CA
- **ZIP:** 95014
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DURECT CORP
- **CENTRAL INDEX KEY:** 0001082038
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 943297098
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 10240 BUBB ROAD
- **CITY:** CUPERTINO
- **STATE:** CA
- **ZIP:** 95014
- **BUSINESS PHONE:** 4087771417

**MAIL ADDRESS:**
- **STREET 1:** 10240 BUBB ROAD
- **CITY:** CUPERTINO
- **STATE:** CA
- **ZIP:** 95014

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[x] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>BROWN JAMES E<br><sub>(Last) (First) (Middle)</sub><br>C/O DURECT CORPORATION<br>10240 BUBB ROAD<br><sub>(Street)</sub><br>CUPERTINO, CA 95014<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-09-11 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_President & CEO_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>DURECT CORP [ DRRX ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock | 2025-09-11 |  | U<sup>(1)(2)</sup> |  | 448376<sup>(1)(2)</sup> | D | <sup>(1)(2)</sup> | 0 | D |  |
| Common Stock | 2025-09-11 |  | U<sup>(1)(2)</sup> |  | 8000<sup>(1)(2)</sup> | D | <sup>(1)(2)</sup> | 0 | I | by Brown 2006 Trust<sup>(3)</sup> |
| Common Stock | 2025-09-11 |  | D<sup>(4)</sup> |  | 96959<sup>(4)</sup> | D | <sup>(4)</sup> | 0 | D |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Stock Option (right to buy) | $11.6 | 2025-09-11 |  | D<sup>(5)(6)</sup> |  |  | 36720 | <sup>(5)(6)</sup> | 2026-01-28 | Common Stock | 36720 | <sup>(5)(6)</sup> | 0 | D |  |
| Stock Option (right to buy) | $13.50 | 2025-09-11 |  | D<sup>(5)(6)</sup> |  |  | 4807 | <sup>(5)(6)</sup> | 2026-03-31 | Common Stock | 4807 | <sup>(5)(6)</sup> | 0 | D |  |
| Stock Option (right to buy) | $13.10 | 2025-09-11 |  | D<sup>(5)(6)</sup> |  |  | 37067 | <sup>(5)(6)</sup> | 2027-01-09 | Common Stock | 37067 | <sup>(5)(6)</sup> | 0 | D |  |
| Stock Option (right to buy) | $14 | 2025-09-11 |  | D<sup>(5)(6)</sup> |  |  | 4717 | <sup>(5)(6)</sup> | 2027-06-19 | Common Stock | 4717 | <sup>(5)(6)</sup> | 0 | D |  |
| Stock Option (right to buy) | $12.4 | 2025-09-11 |  | D<sup>(5)(6)</sup> |  |  | 43821 | <sup>(5)(6)</sup> | 2028-01-26 | Common Stock | 43821 | <sup>(5)(6)</sup> | 0 | D |  |
| Stock Option (right to buy) | $5.77 | 2025-09-11 |  | D<sup>(5)(6)</sup> |  |  | 37175 | <sup>(5)(6)</sup> | 2029-01-23 | Common Stock | 37175 | <sup>(5)(6)</sup> | 0 | D |  |
| Stock Option (right to buy) | $21.1 | 2025-09-11 |  | D<sup>(5)(6)</sup> |  |  | 22500 | <sup>(5)(6)</sup> | 2030-01-21 | Common Stock | 22500 | <sup>(5)(6)</sup> | 0 | D |  |
| Stock Option (right to buy) | $20.3 | 2025-09-11 |  | D<sup>(5)(6)</sup> |  |  | 20900 | <sup>(5)(6)</sup> | 2031-01-15 | Common Stock | 20900 | <sup>(5)(6)</sup> | 0 | D |  |
| Stock Option (right to buy) | $8.71 | 2025-09-11 |  | D<sup>(5)(6)</sup> |  |  | 95610 | <sup>(5)(6)</sup> | 2032-01-06 | Common Stock | 95610 | <sup>(5)(6)</sup> | 0 | D |  |
| Stock Option (right to buy) | $5.07 | 2025-09-11 |  | D<sup>(5)(6)</sup> |  |  | 250665 | <sup>(5)(6)</sup> | 2033-02-21 | Common Stock | 250665 | <sup>(5)(6)</sup> | 0 | D |  |
| Stock Option (right to buy) | $3.32 | 2025-09-11 |  | D<sup>(5)(6)</sup> |  |  | 103077 | <sup>(5)(6)</sup> | 2034-10-14 | Common Stock | 103077 | <sup>(5)(6)</sup> | 0 | D |  |

---

### Footnotes:

(1) In connection with the terms of an Agreement and Plan of Merger, dated as of July 28, 2025 (as amended, the "Merger Agreement"), by and among the Issuer, Bausch Health Americas, Inc. ("Parent"), BHC Lyon Merger Sub, Inc., a direct wholly owned subsidiary of Parent ("Purchaser"), and solely for the purposes of Section 6.10 of the Merger Agreement, Bausch Health Companies Inc. ("BHC"), Purchaser completed a tender offer for shares of the Issuer's Common Stock.

(2) (Continued from footnote 1) Tendering stockholders received a consideration of $1.75 per share, net to the seller of such shares in cash, without interest thereon and less any applicable withholding taxes (the "Cash Amount"), plus one non-tradeable contingent value right per share, representing the contractual right to receive the pro rata portion, in cash, of two milestone payments of up to $350,000,000 in the aggregate, minus any amount actually paid to option holders under a retention plan in respect of the applicable milestone, in each case, without interest thereon and less any applicable withholding taxes, upon achievement of the specified milestones. After completion of the tender offer, Purchaser merged with and into the Issuer (the "Merger"), effective as of September 11, 2025 (the "Effective Time"), with the Issuer continuing as the surviving entity and a wholly owned subsidiary of Parent.

(3) Held by the Brown Family Trust DTD 5/10/2006.

(4) Pursuant to the terms of the Merger Agreement, prior to the Effective Time, each award of restricted stock units outstanding under the Company Stock Plan was settled and the resulting shares were treated as all other shares in connection with the tender offer and the Merger.

(5) Pursuant to the terms of the Merger Agreement, prior to the expiration of the tender offer, the vesting or payment of each option to purchase shares outstanding under the Issuer's 2000 Stock Plan, as amended (the "Issuer Stock Plan") (each, an "Issuer Option"), that had a per share exercise price that was less than the Cash Amount was accelerated. With respect to the shares received upon exercise of such accelerated Issuer Options prior to the Effective Time, all such shares were treated identically with all other shares in connection with the tender offer and the Merger.

(6) (Continued from footnote 5) At the Effective Time, each Issuer Option that had a per share exercise price that was equal to or greater than the Cash Amount, and that was unexercised immediately prior to the Effective Time, was canceled in connection with the Merger. Following the cancellation of each such Issuer Option, each former holder of such Issuer Option is eligible to receive a cash retention bonus subject to the achievement of certain net sales milestones, pursuant to a retention plan approved by the compensation committee of the Issuer's Board of Directors.

**Signature:** /s/ James E. Brown  
**Date:** 2025-09-12

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**