India-Based Sun Pharma Scoops Up Concert Pharmaceuticals For $576M Plus Milestones
$CNCE
Biotechnology: Pharmaceutical Preparations
Health Care
- Sun Pharmaceutical Industries Limited, India's top pharmaceutical company, has agreed to acquire Concert Pharmaceuticals Inc (NASDAQ:CNCE) for an upfront payment of $8.00 per share, or $576 million in equity value.
- Concert stockholders will also receive a non-tradeable contingent value right (CVR) entitling holders to receive up to an additional $3.50 per share in cash, payable upon deuruxolitinib achieving certain net sales milestones within specified periods.
- Concert is a late-stage biotechnology company, with its lead product candidate deuruxolitinib – an oral inhibitor of Janus kinases JAK1 and JAK2 for Alopecia Areata, an autoimmune dermatological disease characterized by patchy hair loss.
- Concert has completed the evaluation of the efficacy and safety of deuruxolitinib in adult patients with moderate to severe Alopecia Areata in its THRIVE-AA Phase 3 study, and two open-label, long-term extension studies are ongoing.
- Sun Pharma's immediate focus would be to follow Concert's plan to submit a marketing application to the FDA in 1H of 2023.
- The transaction is expected to be completed in the first quarter of 2023.
- Sun Pharma had net cash of $1.6 billion, and Concert had approximately $148.9 million in cash, cash equivalents & investments as of September 30, 2022.
- Price Action: CNCE shares are up 19.27% at $8.23 during the premarket session on the last check Thursday.