# EDGAR Filing Document

**Accession Number:** 0001082038
**File Stem:** 0001193125-25-177114
**Filing Date:** 2025-8
**Character Count:** 16516
**Document Hash:** 9e6afa492ca05c09a8efa449f0a7ece4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-177114.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001193125-25-177114

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20250808

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250808

**FILER**: 

**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

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-31615
- **FILM NUMBER:** 251199562

**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

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### Form 8-K

#### Current Report

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### August 8, 2025

#### Date of Report

#### (Date of earliest event reported)

## DURECT CORPORATION

#### (Exact name of Registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **000-31615** | **94-3297098** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(Commission**<br> **File Number)** | **(I.R.S. Employer<br>Identification No.)** |

---

#### 10240 Bubb Road

#### Cupertino, CA 95014

#### (Address of principal executive offices) (Zip code)
(408) 777-1417

#### (Registrant's telephone number, including area code)

#### (Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of Each Class**<br>| **Trading**<br> **Symbol**<br>| **Name of Each Exchange**<br> **on Which Registered** |
| Common Stock $0.0001 par value per share | DRRX | The NASDAQ Stock Market LLC |
| Preferred Share Purchase Rights |  | (The Nasdaq Capital Market) |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **Item 1.01** | **Entry into a Material Definitive Agreement.**  |

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As previously disclosed in the Current Report on Form 8-K filed by DURECT Corporation, a Delaware corporation (the "<u>Company</u>") on July 29, 2025, the Company, Bausch Health Americas, Inc., a Delaware corporation ("<u>Parent</u>"), and BHC Lyon Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Parent ("<u>Merger Sub</u>"), and solely for purposes of Section 6.10 of the Merger Agreement, Bausch Health Companies Inc., a corporation continued under the laws of the Province of British Columbia entered into an Agreement and Plan of Merger, dated as of July 28, 2025 (the "<u>Merger Agreement</u>").

On August 8, 2025, the Company, Parent and Merger Sub entered into that Amendment No. 1 (the "<u>Amendment</u>") to Merger Agreement pursuant to which the Company, Parent and Merger Sub agreed to extend the date by which Merger Sub is obligated to commence the tender offer for all of the outstanding shares of common stock of the Company from August 11, 2025 to August 12, 2025.

A copy of the Amendment is attached as Exhibit 2.1 to this Current Report on Form 8-K and is incorporated herein by reference. The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.**  |

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(d) <u>Exhibits</u>.

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| | |
|:---|:---|
| **Exhibit<br>No.** | **Description** |
| 2.1 | [Amendment No. 1 to the Agreement and Plan of Merger by and among DURECT Corporation, Bausch Health Americas, Inc., BHC Lyon Merger Sub, Inc.](d92539dex21.htm) |
| 104 | Cover Page Interactive Data File (embedded with the Inline XBRL document) |

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#### Additional Information and Where to Find it
The Offer described in this communication has not yet commenced. This communication is neither an offer to purchase nor a solicitation of an offer to sell Company Shares. At the time the Offer is commenced, Parent and Merger Sub will file a Tender Offer Statement on Schedule TO with the SEC, and the Company will file a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the Offer. The Company stockholders and other investors are urged to read the Offer materials (including an Offer to Purchase, a related Letter of Transmittal and certain other offer documents) and the Solicitation/Recommendation Statement, as they may be amended from time to time, when they become available because they will contain important information that should be read carefully before any decision is made with respect to the Offer. These materials will be sent free of charge to all stockholders of the Company. In addition, all of these materials (and all other materials filed by the Company with the SEC) will be available at no charge from the SEC through its website at www.sec.gov. Investors and security holders may also obtain free copies of the documents filed with the SEC by the Company at https://www.durect.com/investors.

#### Cautionary Statement Regarding Forward-Looking Statements
Statements in this communication included above that are not a description of historical facts are forward-looking statements. Words or phrases such as "believe," "may," "could," "will," "estimate," "continue," "anticipate," "intend," "seek," "plan," "expect," "should," "would," or similar expressions are intended to identify forward-looking statements. The forward-looking statements are based on current beliefs and expectations and include, but are not limited to statements regarding beliefs about the potential benefits of the transaction; the considerations taken into account and the determination by the Company Board in approving the transaction; the planned completion and timing of the transactions contemplated by the Merger Agreement; and the prospective performance and outlook of the surviving company's business, performance, and opportunities. Actual results may differ materially from those contained in the forward-looking statements contained in this communication, and reported

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results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from those projected include, among other things, uncertainties as to the timing and completion of the Offer and the Merger; uncertainties as to the percentage of the Company stockholders tendering their Company Shares in the Offer; the possibility that competing offers will be made; the possibility that various closing conditions for the Offer or the Merger may not be satisfied or waived, including the failure to receive any required regulatory approvals from any applicable regulatory and/or governmental entities (or any conditions, limitations or restrictions placed on such approvals); risks relating to the Company's liquidity during the pendency of the Offer and the Merger or in the event of a termination of the Merger Agreement; the risk that the Milestone Payments are not achieved; the effects of disruption caused by the transaction making it more difficult to maintain relationships with employees, collaborators, partners, vendors and other business partners; risks related to diverting management's attention from the Company's ongoing business operations; the risk that stockholder litigation in connection with the transactions contemplated by the Merger Agreement may result in significant costs of defense, and other risks and uncertainties pertaining to the Company's business, including the risks and uncertainties detailed in the Company's public periodic filings with the SEC, as well as the Offer materials to be filed by Parent and Merger Sub and the Solicitation/Recommendation Statement on Schedule 14D-9 to be filed by the Company in connection with the Offer.

Undue reliance should not be placed on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and the Company undertakes no obligation to revise or update these statements to reflect events or circumstances after the date hereof, except as required by law.

Further information regarding these and other risks is included in the Company's most recent SEC filings, including its annual report on Form 10-K for the year ended December 31, 2024, and quarterly report on Form 10-Q for the quarter ended March 31, 2025, under the heading "Risk Factors." These reports are available on our website www.durect.com under the "Investors" tab and on the SEC's website at www.sec.gov. All information provided in this communication is based on information available to the Company as of the date hereof, and the Company assumes no obligation to update this information as a result of future events or developments, except as required by law.

Further information regarding these and other risks is included in the Company's most recent SEC filings, including its annual report on Form 10-K for the year ended December 31, 2024 and quarterly report on Form 10-Q for the quarter ended March 31, 2025 under the heading "Risk Factors." These reports are available on our website www.durect.com under the "Investors" tab and on the SEC's website at www.sec.gov. All information provided in this communication is based on information available to the Company as of the date hereof, and the Company assumes no obligation to update this information as a result of future events or developments, except as required by law.

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  |  | **DURECT Corporation** |
| Date: August 8, 2025 | By: | /s/ James E. Brown |
|  |  | James E. Brown |
|  |  | President and Chief Executive Officer |

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## Exhibit 2.1

**Exhibit 2.1** 

**AMENDMENT NO. 1 TO MERGER AGREEMENT** 

This AMENDMENT NO. 1 TO MERGER AGREEMENT (this "<u>Amendment</u>"), dated as of August 8, 2025, is made by and among Bausch Health Americas, Inc., a Delaware corporation ("<u>Parent</u>"), BHC Lyon Merger Sub, Inc., a Delaware corporation and a direct wholly owned Subsidiary of Parent ("<u>Merger Sub</u>"), DURECT Corporation, a Delaware corporation (the "<u>Company</u>") . Parent, Merger Sub, and the Company are collectively referred to as the "<u>Parties</u>" and individually as a "<u>Party</u>". Unless context otherwise requires, capitalized terms used and not defined in this Amendment shall have the meanings ascribed to such terms in the Merger Agreement (as defined below).

WHEREAS, that certain Agreement and Plan of Merger, dated as of July 28, 2025 (the "<u>Merger Agreement</u>"), was entered into by and among Parent, Merger Sub, the Company and, solely for purposes of Section 6.10 thereof, Bausch Health Companies Inc., a corporation continued under the laws of the Province of British Columbia; and

WHEREAS, pursuant to Sections 8.4(a) and 8.4(b) of the Merger Agreement, Parent, Merger Sub and the Company wish to amend and extend the time for the performance of certain obligations and acts of the Parties, as set forth in the Merger Agreement, in the manner set forth herein.

NOW THEREFORE, in consideration of the mutual agreements contained herein and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Amendment to the Merger Agreement</u>. Section 2.1(a)(i) of the Merger Agreement is hereby amended and restated in its entirety as follows: "Provided that this Agreement will not have been terminated pursuant to Article 8, as promptly as practicable after the date of this Agreement (but in no event more than 11 Business Days thereafter), Merger Sub will (and Parent will cause Merger Sub to) commence (within the meaning of Rule 14d-2 under the Exchange Act) the offer to purchase any and all of the outstanding Company Shares at a price per Company Share, subject to the terms of Section 2.1(c), equal to the Offer Price."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Effect of Amendment</u>. This Amendment shall not constitute an amendment, extension or waiver of any provision of the Merger Agreement not expressly amended, extended or waived herein and shall not be construed as an amendment, extension, waiver or consent to any action that would require an amendment, extension, waiver or consent, except as expressly stated herein. The Merger Agreement, as amended by this Amendment, is and shall continue to be in full force and effect and is in all respects ratified and confirmed hereby. After giving effect to this Amendment, each reference in the Merger Agreement to "this Agreement", "hereof", "hereunder", "herein" or words of like import referring to the Merger Agreement shall refer to the Merger Agreement as amended by this Amendment; <u>provided</u>, that references in the Merger Agreement to "as of the date hereof" or "as of the date of this Agreement" or words of like import shall continue to refer to the date of July 28, 2025.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The following Sections of the Merger Agreement shall be deemed incorporated into, made part of and shall apply *mutatis mutandis* to, this Amendment: <u>Sections 1.2</u> (*Additional Interpretations*); <u>8.4</u> (*Amendment; Extension and Waiver*); <u>9.2</u> (*Notices*); <u>9.3</u> (*Entire Agreement*); <u>9.4</u> (*Severability*); <u>9.5</u> (*Assignment*); <u>9.6</u> (*Third Party Beneficiaries*); <u>9.7</u> (*Governing Law*); <u>9.8</u> (*Consent to Jurisdiction*); <u>9.9</u> (*WAIVER OF JURY TRIAL*); <u>9.10</u> (*Remedies*); and <u>9.11</u> (*Counterparts*);

[*Signature Page Follows*.]

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IN WITNESS WHEREOF, the Parties have executed or caused this Amendment to be executed as of the date first written above.

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| | | |
|:---|:---|:---|
| BY: | BAUSCH HEALTH AMERICAS, INC. | BAUSCH HEALTH AMERICAS, INC. |
| By: | /s/ William Woodfield | /s/ William Woodfield |
|  | Name: | William Woodfield |
|  | Title: | Senior Vice President,<br> Treasurer |
| BY: | BHC LYON MERGER SUB, INC. | BHC LYON MERGER SUB, INC. |
| By: | /s/ William Woodfield | /s/ William Woodfield |
|  | Name: | William Woodfield |
|  | Title: | Treasurer and Secretary |

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[*Signature Page to Amendment No. 1 to Merger Agreement*]

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IN WITNESS WHEREOF, the Parties have executed or caused this Amendment to be executed as of the date first written above.

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| | |
|:---|:---|
| DURECT CORPORATION | DURECT CORPORATION |
| By: | /s/ James E. Brown |
| Name: | James E. Brown |
| Title: | President & Chief Executive Officer |

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[*Signature Page to Amendment No. 1 to Merger Agreement*]