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Sun Pharmaceutical Industries Limited announced on Thursday that it would purchase Concert Pharmaceuticals of the United States for $576 million in cash in order to gain access to an investigational medication for the treatment of patchy baldness.
Deuruxolitinib, the top contender for Concert, is being studied as a treatment for the autoimmune disorder alopecia areata, which causes patchy hair loss.
Sun Pharma of India said that it will start a tender offer to buy Concert at $8 per share, a premium of 16% over the stock’s most recent finish.
Additionally, contingent value rights will be given to Concert stockholders, entitling them to an extra sum of up to $3.50 per share of common stock in cash, subject to certain sales milestones.
