Sun Pharma to pick up stake in US-based Concert Pharma for $576 million

20 Jan 2023 , 09:26 AM

Sun Pharmaceutical Industries announced on Thursday that it will acquire Concert Pharmaceuticals in the United States for $576 million in cash in order to gain access to an experimental drug for treating patchy baldness.

Deuruxolitinib, Concert’s lead candidate, is getting tested as a treatment for the autoimmune condition alopecia areata, which causes patchy hair loss.

Sun Pharma announced a tender offer for Concert at $8 per share, a 16% premium to the stock’s last close. Concert stockholders will also be granted a contingent value right, which entitles them to an additional amount of up to $3.50 per share of common stock in cash if certain sales milestones are met.

At around 9.20 AM, Sun Pharma was trading at Rs1,044.05, up by 0.34% against the previous close of Rs1,040.55 on NSE. The counter opened at Rs1,044.05 in today’s trade.

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