Sun Pharma to acquire US-based Concert for $576 mn

Sun Pharmaceutical Industries Limited said on Thursday it will acquire US-based Concert Pharmaceuticals for $576 million in cash to gain access to an experimental drug for treating patchy baldness.

Concert's lead candidate, deuruxolitinib, is being evaluated as a treatment for autoimmune condition alopecia areata, which results in patchy hair loss.

Sun Pharma said it will commence a tender offer to acquire Concert at $8 per share, a premium of 16% to the stock's last close.

Concert stockholders will also receive a contingent value right entitling them an additional amount of up to $3.50 per share of common stock in cash, contingent on sales milestones.

Concert is a late-stage biotechnology company pioneering the use of deuterium in medicinal chemistry. 

“Sun Pharma is building a global dermatology and ophthalmology franchise and aims to be a preferred development and commercial partner in these therapies worldwide. The acquisition of Concert adds a late-stage, potential best-in-class treatment for Alopecia Areata in deuruxolitinib,” said Abhay Gandhi, CEO North America, Sun Pharma. “There is a significant unmet need in the Alopecia Areata space and we aim to build on Concert’s commitment to supporting the Alopecia Areata patient community. We are well-positioned to successfully bring this product to market globally. I look forward to welcoming the exceptionally talented Concert team who have worked tirelessly to develop the product to bring it to market.”
 

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