Synergy Pharmaceuticals

About Synergy Pharmaceuticals

Synergy Pharmaceuticals Inc. was a biopharmaceutical firm focused on the development and commercialization of therapies for gastrointestinal (GI) diseases and disorders. The company was co-founded by Dr. Gary S. Jacob, who served as its President, CEO, and Chairman. Dr. Jacob, a co-inventor of the company's core technology, brought over two decades of pharmaceutical and biotechnology experience from previous roles at Monsanto and G.D. Searle. Kunwar Shailubhai was also a co-founder.

The company's primary business was centered on its proprietary uroguanylin analog platform. This led to the development of its flagship product, TRULANCE® (plecanatide), a once-daily tablet. The U.S. Food and Drug Administration (FDA) first approved TRULANCE in January 2017 for the treatment of adults with chronic idiopathic constipation (CIC). A second indication was approved in January 2018 for irritable bowel syndrome with constipation (IBS-C). The business model was based on the commercialization of TRULANCE, targeting a large market of patients suffering from these common GI conditions.

Despite achieving FDA approval for its lead product, Synergy Pharmaceuticals faced significant financial challenges. The company struggled with the commercialization of TRULANCE, failing to generate sufficient revenue to meet its debt obligations. After exploring strategic alternatives, including a potential sale, without success, the company filed for Chapter 11 bankruptcy protection in December 2018. In February 2019, Bausch Health Companies Inc. emerged as the successful bidder in a court-supervised auction, acquiring Synergy's assets, including TRULANCE, for approximately $195 million in cash and the assumption of certain liabilities. The acquisition was completed in March 2019, effectively ending Synergy's operations as an independent entity.