Pharmaceuticals Acquisition Key Points:
- Sun Pharma has completed the acquisition of Concert Pharmaceuticals, a clinical biopharmaceutical company that is developing deuruxolitinib, a potential treatment for adult patients with alopecia areata.
- Sun Pharma’s CEO for North America, Abhay Gandhi, is excited about the acquisition, which strengthens Sun Pharma’s presence in the Boston biotech hub and expands its global dermatology portfolio.
- Sun Pharma’s tender offer to purchase all outstanding shares of Concert Pharmaceuticals’ common stock has officially expired.
- The Offer Price included $8.00 per share in cash and one non-transferable contingent value right (CVR) per share, with a contractual right to receive contingent payments of up to $3.50 per share upon achieving specific milestones before December 31, 2029.
- 48,220,511 shares of Concert’s common stock were validly tendered and not withdrawn, representing roughly 75.2% of the total number of outstanding shares of Concert’s common stock.
- The acquisition was completed through a merger between a wholly-owned Sun Pharma subsidiary and Concert.
- Shares of Concert’s common stock not tendered into the offer were converted into the right to receive the Offer Price, and shares of Concert’s Series X1 Preferred Stock were converted into the right to receive the Common Cash Amount and the Common CVR Amount.
- The merger has made Concert a wholly-owned subsidiary of Sun Pharma, and as a result, Concert’s common stock will no longer be listed for trading on the Nasdaq Global Market.
Sun Pharma today announced the successful completion of its acquisition of Concert Pharmaceuticals, Inc., a late-stage clinical biopharmaceutical company that is developing deuruxolitinib, a novel, deuterated, oral JAK1/2 inhibitor, for the potential treatment of adult patients with moderate to severe alopecia areata.
Sun Pharmaceutical Industries Limited (Sun Pharma) CEO for North America, Abhay Gandhi, expressed excitement about the company’s recent acquisition of Concert Pharmaceuticals, which adds deuruxolitinib to their expanding global dermatology portfolio. Deuruxolitinib is a potential best-in-class treatment for alopecia areata, and the acquisition offers Sun Pharma a chance to strengthen its presence in the Boston biotech hub. The combination of Concert’s skilled team with Sun Pharma’s commercial capabilities and global reach is expected to facilitate the global market launch of deuruxolitinib, bringing hope and effective treatment options to alopecia areata patients worldwide.
Sun Pharmaceutical Industries Limited’s (Sun Pharma) tender offer to purchase all outstanding shares of Concert Pharmaceuticals’ common stock has officially expired as of March 3, 2023, at 11:59 p.m. New York City time. The tender offer included $8.00 per share in cash, subject to any applicable withholding of taxes and without interest (the “Common Cash Amount”), as well as one non-transferable contingent value right (CVR) per share (the “Common CVR Amount”). The Offer Price also included a contractual right to receive contingent payments of up to $3.50 per share, in cash, in the aggregate, subject to any applicable withholding of taxes and without interest, upon achieving specific milestones before December 31, 2029.
According to the depositary, a total of 48,220,511 shares of Concert’s common stock were validly tendered and not withdrawn, representing roughly 75.2% of the total number of outstanding shares of Concert’s common stock. This acquisition marks a crucial step forward for Sun Pharma, allowing the company to strengthen its presence in the healthcare industry and expand its product portfolio.
Sun Pharma has successfully acquired Concert following the acceptance of tendered shares. The acquisition was completed through a merger between a wholly-owned Sun Pharma subsidiary and Concert. As part of the deal, shares of Concert’s common stock not tendered into the offer (excluding certain shares) were converted into the right to receive the Offer Price.
Similarly, shares of Concert’s Series X1 Preferred Stock (excluding certain shares) were converted into the right to receive the Common Cash Amount multiplied by 1,000, in cash, subject to withholding taxes, and the Common CVR Amount multiplied by 1,000, which represents the right to receive contingent payments of up to $3.50 per CVR, in cash, upon the achievement of certain milestones prior to December 31, 2029. The merger has made Concert a wholly-owned subsidiary of Sun Pharma, and as a result, Concert’s common stock will no longer be listed for trading on the Nasdaq Global Market.
About Sun Pharma:
Sun Pharmaceutical Industries is engaged in the business of manufacturing, developing and marketing a wide range of branded and generic formulations and Active Pharma Ingredients (APIs). The company and its subsidiaries has various manufacturing facilities spread across the world with trading and other incidental and related activities extending to global market. It is the largest pharmaceutical company in India.
For More Latest News Click Here
