Sun Pharmaceutical to Buy Concert Pharmaceuticals For Initial $576 Million
20 January 2023 - 12:47AM
Dow Jones News
By Colin Kellaher
India's Sun Pharmaceutical Industries Ltd. on Thursday said it
agreed to buy Concert Pharmaceuticals Inc. for an initial $576
million in cash.
Mumbai-based drugmaker Sun would pay an initial $8 a share for
Concert, a 16% premium to Wednesday's closing price of $6.90 for
the Lexington, Mass., late-stage biotechnology company.
Concert shareholders will also receive non-tradeable contingent
value rights worth up to an additional $3.50 a share based on
milestones tied to the company's deuruxolitinib drug candidate for
alopecia areata, a chronic autoimmune skin disease that causes hair
loss on the scalp, face or body.
Sun said it expects to complete the acquisition in the first
quarter.
Trading in shares of Concert was halted premarket on
Thursday.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
January 19, 2023 08:32 ET (13:32 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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