Sun Pharmaceutical Industries Limited has acquired Concert Pharmaceuticals, Inc. for $576 million.
Sun Pharma will acquire all outstanding shares of Concert through a tender offer for an upfront payment of $8 per share of common stock in cash. Concert stockholders will also receive a non-tradeable contingent value right (CVR) entitling holders to receive up to an additional $3.50 per share of common stock in cash, payable upon Concert’s candidate deuruxolitinib achieving certain net sales milestones within specified periods, subject to the terms and conditions contained in a contingent value rights agreement detailing the terms of the CVRs.
Concert is a late-stage clinical biopharmaceutical company that is developing deuruxolitinib, a novel, deuterated, oral JAK1/2 inhibitor. Concert has successfully completed two Phase 3 trials with deuruxolitinib in adults with alopecia areata, an autoimmune dermatological disease.
Sun Pharma is the world’s fourth-largest specialty generic pharmaceutical company and India’s top pharmaceutical company.
According to data captured in the LevinPro HC database, this acquisition represents the 12th Biotechnology deal of 2023. There were 141 Biotechnology transactions reported in 2022.
