India's Sun Pharma to acquire U.S.-based Concert Pharmaceuticals Inc. for $576 million

 Sun Pharmaceutical said it will acquire U.S.-based Concert Pharmaceuticals for an upfront payment of $8 per share of common stock in cash, or $576 million in equity value to gain access to an experimental drug for treating patchy baldness.

“Sun Pharma is building a global dermatology and ophthalmology franchise and aims to be a preferred development and commercial partner in these therapies worldwide,” said Abhay Gandhi, CEO North America, Sun Pharma.

“The acquisition of Concert adds a late-stage, potential best-in-class treatment for Alopecia Areata [patchy baldness) in deuruxolitinib [medication],” he added.

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


Concert stockholders will also receive a non-tradeable contingent value right (CVR), entitling holders to receive up to an additional $3.50 per share of common stock in cash, payable upon deuruxolitinib achieving certain net sales milestones within specified periods, subject to the terms and conditions contained in a contingent value rights agreement detailing the terms of the CVRs.

 The transaction was approved by the Boards of Directors of both companies.

 “The upfront payment of $8 per share of common stock in cash represents a premium of approximately 33% to Concert’s 30-day volume weighted average price as of January 18, 2023, the last trading day prior to today’s announcement,” Sun Pharma said in a statement.

 “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,” said Mr. Gandhi.

 Under the terms of the merger agreement, Sun Pharma will promptly commence a tender offer to acquire all outstanding shares of Concert common stock.

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