Sun Pharma to Acquire Concert Pharmaceuticals for ~$576M
Shots:
- Sun Pharma to acquire all outstanding shares of Concert. Concert stockholders will receive an up front of $8.00/share of common stock representing a premium of ~33% to 30-day volume, $576M in equity value. The transaction is expected to be close in Q1’23
- Concert stockholders will receive a non-tradeable CVR for an additional $3.50/share of common stock if deuruxolitinib achieved net sales milestones incl. $1.00 & $2.50 per CVR payable ending on or before Mar 2027 & Dec 2029, net sales of deuruxolitinib are equal to or exceed $100M & $500M, respectively
- The collaboration uses Sun Pharma's global infrastructure to provide broad access to deuruxolitinib for Alopecia Areata & strengthen Sun Pharma's dermatology franchise with the addition of a late-stage product. Concert plan to submit deuruxolitinib's NDA to the US FDA in H1’23
Ref: PRNewswire | Image: Concert Pharmaceuticals
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