Bot Chart, page-243

Don't rule them out yet, particularly once the results for BTX1308 are out, whose trial - as you know - is in collaboration with Bioskin ( a subsidary of BAUSCH). Just because they bought Synergy does't means they're done with acquisitions for the rest of the year, they've allocated $1billion for it and their bid for Synergy was $200m - that leaves them with $800m to either pay some of their debt or chase further deals.
This is Bausch Health's Vice President and Chief Financial Officer at the last earning conference: 

https://www.********/earnings/call-transcripts/2019/02/20/bausch-health-companies-inc-bhc-q4-2018-earnings-c.aspx

"With respect to the question around how do we expect to deploy our cash flow, Joe finished up with a slide that said we have $1 billion to use for debt, and/or bolt-on acquisitions. Our priority, is to reduce that debt. Now, that said, it's not a priority where you say when you have a great opportunity that we think is value generative, and helpful to all stakeholders, we're going to pursue that. I think the best example of that is the ongoing situation with Synergy, where, as Joe reported in his remarks, we put in a Stalking Horse bid, it's $200 million.It's $200 million. If we were successful at that level, I'm not suggesting that's how that'll sort out, but if we are successful at that level, that $1 billion, $200 million of it would definitionally be allocated to business development. And there are other smaller items that throughout the year, we would expect to pursue, to continue to add to our R&D portfolios"

If the results due next Q repeat the acne and eczema's performances there's a (good) chance that Bausch may come up with an offer to establish their position for phase 2 and/or add it outright to their R&D portfolio.