Sun Pharma has agreed to pay $576 million for the acquisition of the US-based Concert.

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• Source: AP


• Date: 20 Jan,2023

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.